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Sent: Tuesday, March 16, 2004 11:42 PM
Subject: House Sale after 7 months in US
My question is: US-specific
QUESTION: I purchased the house i am in 7 months ago for the amount of $235.000. I am wanting to sell it now and move into a house that is going to cost $305.000, I have my present house listed at $320.000. I need to know if i purchase the house for 305.000 and take all the extra left over and put it all to the house will i be taxed?? need to know soon thanks.
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david ingram replies:
You have to live in a house for 2 full years (24 months) for it to be tax free. If you are transferred, fired, divorced or have another earth shattering reason, you can pro-rate a short sale by multiplying the number of months you are in the house divided by 24 times $250,000 per owner who lived in the house.
However, yours sounds like a taxable sale as you did not give a reason other than that you want to sell and buy a different house.
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