Quote:
Originally Posted by bowlingal
Txbob...I would not say Marsh Bend is the most desirable at all. Not even close. Why are there so many houses for sale south of 44? And these houses are only practically brand new or a couple of years old. Makes you wonder...............
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Two Years! I bet that is exactly why some of the homes — in that nice village — are for sale. Two years is the magic timing…..if a home is the primary residence — having lived in it for two years — the seller can walk away from a closing table with a whole lot of profit —
cap gains tax free — thanks to a tax law that changed in 1997.
(See post #9 where manaboutown clarifies the allowed exclusion amounts.)
Fastskiguy says basically the same thing here in his post below that applies to profit in general. Primary residence and two years is the key to getting to keep the most change though.
Boomer
Quote:
Originally Posted by Fastskiguy
You can talk about Marsh Bend not being "desirable" but lots of people are getting nearly twice what they paid 2 years ago. So if you can sell your $400K designer for almost $800K.....some people are going to go for it.
Joe
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