Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Placing profit from sale of home (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/placing-profit-sale-home-329171/)

manaboutown 02-14-2022 01:37 PM
Quote:
Originally Posted by rferg40 (Post 2061375)
That law changed during the Clinton administration, so you are a little behind in your tax law. Only way to avoid the income tax on the sale is to go through a "Starker Exchange". Realtors should know about those and those of us who do tax returns do as well. Not all that easy to do with residential property and there are fees involved. And I think the rules for Starker exchange of residential property in Florida are more complicated than other states. Sold my vacation rental/ second home in TV in June and I will be paying tax on the profit.
A Starker Exchange is a 1031 exchange so it needs to be an investment property. A sale of a personal residence does not qualify. https://www.washingtonpost.com/reale...l4Q_story.html

DAVES 02-15-2022 04:18 PM
Quote:
Originally Posted by crc19188 (Post 2060538)
I am thinking of selling my home. Only lived in it nine months. Is there any way to get around or place profit somewhere to avoid Capital Gains Tax. Please keep politics out of your answers if you can. If you cannot make them funny. Please also need serious answers. Thanks
I would not, you should not, post information that IS necessary for a VALID reply. ASK YOUR ACCOUNTANT. As posted been in the home for nine months. It is not capital gains it is a short term gain taxable at your highest tax rate. After selling expense, money put into the home, etc etc etc your, "profit," may not be what you think it is.

As far as,"funny." Should you be audited, the IRS will surely see the humor in but, I asked DAVES and he said

Topspinmo 02-15-2022 04:40 PM
Quote:
Originally Posted by Stu from NYC (Post 2060901)
Good advise, what happens OP if well meaning people gives you advise that causes you to pay several thousand dollars extra to the IRS?

That funny. IRS CAN Catch underpayment but not over payment. So who’s getting cheated :1rotfl:


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