[Barefoot]

Originally Posted by renrod

Gracie...I have heard something to that effect about the Bungalows at Edgewater (or whatever they are called), but I don't know that it is true. We just bought this year and I don't know that our sales contract had any such language, of course we bought a preowned from the previous owner. How would that be handled and who would enforce the "law/policy"???

Applies to new houses, not pre-owned.

[Posh 08]

If you take the homestead tax exemption, can you sell, say, in one year?

[getdul981]

Originally Posted by graciegirl

As I understand the rules on selling your home in less than a year, you will be penalized if you sell at a profit. There is a home like ours which is a brand new model now listed currently in Pennecamp. The buyer closed one month and listed it the next because she learned that her retirement plans had changed...I was told. She cannot make a profit on the house. It has to be listed at what she paid for it or below that amount because it is less than a year.

These rules are to prevent flipping. And using this hometown for an investment turn around grab your profit site. Those Morses have it figured out.

If you make any improvements to your home, be sure and keep all the receipts. They add to the cost base of your home if you sell within a year. Also, the agent's commission can be included in your resale price.

Originally Posted by Posh 08

If you take the homestead tax exemption, can you sell, say, in one year?

Yes you can.