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Capital gains tax

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Old 04-23-2013, 04:11 PM
Dreamer61 Dreamer61 is offline
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Default Capital gains tax
Does anyone know exactly how the capital gains tax law works when you sell your home? Thanks!
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Old 04-23-2013, 04:33 PM
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Bill-n-Brillo Bill-n-Brillo is offline
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Here's the info, straight from the IRS:

IRS Tax Topics - Topic 701 Sale of Your Home

Hope that helps!

Bill
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Old 04-24-2013, 05:38 AM
billlaur billlaur is offline
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May I take a Capital Loss on the sale of my house also?
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Old 04-24-2013, 06:31 AM
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Bill-n-Brillo Bill-n-Brillo is offline
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Quote:
Originally Posted by billlaur View Post
May I take a Capital Loss on the sale of my house also?
No, not if it's your permanent residence:

IRS - Q & A - Losses (Homes, Stocks, Other Property)

Bill
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