Moving to Las Vegas

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Tedlark
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Joined: Mon Oct 02, 2006 12:29 am

Re: Moving to Las Vegas

Post by Tedlark »

Opal would you be taking a big hit on capital gains if you did not reinvest the dough from the sale of your houses? How would this factor into a own vs.rent scenario?

olds442jetaway
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Joined: Tue Aug 21, 2007 9:08 pm

Post by olds442jetaway »

Check out IRS pub 523 on the sale of your home. Unless you just bought the personal residence in the last couple of years etc., you can exclude up to 250k in gain from the sale from your income. 500k if married filing jointly. There are a few other exclusions most of which probably don't apply to you. You just might be OK as far as taxes on the capital gains goes. Good luck.

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