Posted by Ultradog MN on March 06, 2008 at 16:47:27 from (63.224.14.37):
In Reply to: Re: What's it worth?? posted by Mike (WA) on March 06, 2008 at 16:01:27:
You may be right. I have done that before but it's been 12 years or longer since I did it. They made a bunch of changes in the capital gains laws then and that may be one of them. What Dan in Houston says about selling to an agent and doing a 1031 exchange is excellent advice to wyod amd all of us who are looking to do some moving and shaking as we get close to retireing. The buyers of my last house did that. It was new to me and I had to talk to my tax lady before I would sign the paper. Held up the closing for most of an hour. I've been playing the capital gains game for 15 years or more. Buy a house, live there for a few years while I remodel it, sell it and move on. No taxes up to $250K of gains if you live there for 2 years. A husband and wife can do double that I think. I aint rich by the way. Haven't owned a house WORTH $250K yet. It's the reason I can only afford Blue tractors.
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