Capital Gains question

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  #16  
Old 04-18-2019, 07:32 AM
petsetc petsetc is offline
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When I first retired I did taxes for about 8 years. The Nolo reference offered by manaboutown in post #8 is quite concise in explaining the rules.
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Old 04-18-2019, 08:00 AM
justjim justjim is offline
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Quote:
Originally Posted by maureenod View Post
If you sold your house January 2017, you would already have taken the exemption in your 2017 tax return. Now you want to sell the home you bought in 2017. Since it is now 2 years, you are eligible for another $250 exemption for your 2019 tax return. It is unlikely that you made a profit in two years, taking into account any improvements and broker fees, closing costs.
Good post. I was going to post about the same. I assume the property you currently live in is your primary residence.
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  #18  
Old 04-18-2019, 10:01 AM
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Mleeja Mleeja is offline
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Bob Bloom - CPA 425-941-5224. Good person to help with your question.
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