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Two Houses Sold |
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Two individuals own two seperate homesteaded properties. They both sell and purchase one homesteaded property. Can they both avoid capital gains tax on the profits of the sale? |
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Buying another house together has nothing to do with the tax situation.
Beyond that, I don't know enough about the situation. Did each of them own and occupy the previous house as a main residence for at least two of the five years before selling? If so, each may qualify for use of the homsellers tax exclusion of up to $250,000 profit free of federal capital gains tax. Are they now married? Are they filing a joint tax return? If so, they'd better consult a tax attorney or CPA for exact information. I can't really say more without knowing all the details. |
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Edith
Originally published on August 26, 2008 |
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