Comments on: Do I Have to Pay Capital Gains Tax on my House? http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/ Rebalance before it's too late Sun, 14 Mar 2010 14:57:24 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Financial Samurai http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1888 Financial Samurai Sun, 11 Oct 2009 00:30:57 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1888 MLR, do you own a home yourself? If so, where do you think the housing market is going over the next 3 years? I'm looking at some property in Nevada myself, so I no longer have to pay 10% state income tax. .-= Financial Samurai´s last blog ..<a href="http://feedproxy.google.com/~r/FinancialSamurai/~3/SWr-i57iwDg/" rel="nofollow">We’re Ignorant Idiots! Please Tell Us Why A Flat Tax Is Not Fair.</a> =-. MLR, do you own a home yourself? If so, where do you think the housing market is going over the next 3 years?

I’m looking at some property in Nevada myself, so I no longer have to pay 10% state income tax.
Financial Samurai´s last blog ..We’re Ignorant Idiots! Please Tell Us Why A Flat Tax Is Not Fair. My ComLuv Profile

]]> By: MyLifeROI http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1821 MyLifeROI Sat, 03 Oct 2009 14:53:39 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1821 @Trent Yeo, I actually think he was talking about the pre-1997 rules. Before the Federal Taxpayer Relief Act of 1997 was passed, homeowners were offered two options to exclude capital gains taxes: Rollover or once-in-a-lifetime. After, the current system was adopted which works on a per-sale basis. What you've highlighted is interesting and I didn't know that, but I do think he was referencing what was once common! Thanks for the info on the 1031, though! @Trent Yeo,

I actually think he was talking about the pre-1997 rules. Before the Federal Taxpayer Relief Act of 1997 was passed, homeowners were offered two options to exclude capital gains taxes: Rollover or once-in-a-lifetime. After, the current system was adopted which works on a per-sale basis.

What you’ve highlighted is interesting and I didn’t know that, but I do think he was referencing what was once common!

Thanks for the info on the 1031, though!

]]> By: Trent Yeo http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1816 Trent Yeo Fri, 02 Oct 2009 20:05:53 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1816 This is an important tax law to understand because it affects so many people. I believe Kyle may be referring to a "1031 Tax Deferred Exchange" where you can place your capital gains from the sale of a property with a 3rd party administrator and then turn around and use those capital gains in your next "like-kind" property without the tax penalty. If you take control of the capital gain, even for a day, you will owe the taxes on it... This is an important tax law to understand because it affects so many people. I believe Kyle may be referring to a “1031 Tax Deferred Exchange” where you can place your capital gains from the sale of a property with a 3rd party administrator and then turn around and use those capital gains in your next “like-kind” property without the tax penalty. If you take control of the capital gain, even for a day, you will owe the taxes on it…

]]> By: Money Hacks Carnival – 84th Edition http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1798 Money Hacks Carnival – 84th Edition Wed, 30 Sep 2009 11:47:19 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1798 [...] Life ROI presents Do I Have to Pay Capital Gains Tax on my House? posted at My Life ROI, Getting the Best Return On Life, saying, “Some people are unfamiliar [...]

[...] Life ROI presents Do I Have to Pay Capital Gains Tax on my House? posted at My Life ROI, Getting the Best Return On Life, saying, “Some people are unfamiliar [...]

]]> By: MyLifeROI http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1752 MyLifeROI Thu, 24 Sep 2009 09:50:44 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1752 @mattress -- No problem, any more questions... let me know! @Kyle -- Nope, that law expired in 1997 and was replaced with the one I went over above. So that is probably why you've heard it! :) @FFB -- That's always good news, upgrading or downgrading?! @mattress –
No problem, any more questions… let me know!

@Kyle –
Nope, that law expired in 1997 and was replaced with the one I went over above. So that is probably why you’ve heard it! :)

@FFB –
That’s always good news, upgrading or downgrading?!

]]> By: FFB http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1738 FFB Wed, 23 Sep 2009 13:48:20 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1738 This is great to hear. We are in the process of closing on the sale of our co-op and I was wondering if we'd get hit hard by taxes. Looks like we should be ok. Thanks! This is great to hear. We are in the process of closing on the sale of our co-op and I was wondering if we’d get hit hard by taxes. Looks like we should be ok. Thanks!

]]> By: Kyle http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1737 Kyle Wed, 23 Sep 2009 12:48:34 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1737 Are those the only exclusions to paying capital gains on the sale of a home? For some reason I thought you could exclude the profit if you used it to purchase a home. I don't know where I heard that or why I think it but for some reason I was thinking it... .-= Kyle´s last blog ..<a href="http://feeds.suburbandollar.com/~r/SuburbanDollar/~3/EVVNCX7npKs/" rel="nofollow">You are Nothing Without a Good Defense</a> =-. Are those the only exclusions to paying capital gains on the sale of a home? For some reason I thought you could exclude the profit if you used it to purchase a home. I don’t know where I heard that or why I think it but for some reason I was thinking it…
Kyle´s last blog ..You are Nothing Without a Good Defense My ComLuv Profile

]]> By: mattress http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1730 mattress Tue, 22 Sep 2009 20:36:27 +0000 http://www.myliferoi.com/2009/09/do-i-have-to-pay-capital-gains-tax-on-my-house/#comment-1730 Thanks for answering this question in such detail. It was very informative to me and hopefully it will help others as well. Thanks for answering this question in such detail. It was very informative to me and hopefully it will help others as well.

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