Quote:
Originally Posted by Chatbrat
If you came from NJ or NY suburbs-when you sold your house--getting a half million dollar house in TV is a no brainer-unless you want to pay capital gains-very simple
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As far as I know, since the Taxpayer Relief Act of 1997, you no longer need to buy another home to avoid the capital gains tax. Each person is eligible to exclude $250,000 ($500,000 for a couple) of profit from the capital gains tax.
Regardless I agree with you that many of us sold our homes and had ample cash to buy a home outright here in TV.