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tsquires2004 · Joined: 19 Nov 2009 Posts: 2 1.53 Dollars($)

In indiana.....I have a house that is not my primary residence....doing improvements but also want to avoid capital gains tax when I sell....What is the rate of tax if I live in it for 1 year?.....2 years?......Is there a way of avoiding capital gains without moving into property?

jerry · Posted: Fri Nov 20, 2009 5:44 am Post subject:

Hi tsquires,

The capital gains tax rate will depend on the the income tax bracket you are in. If you sell the property and make a profit, you will have to pay capital gains tax. However, there is a exemptions avaible. If you occupy the property as your primary residence for at least 2 out of the last 5 years, your capital gains can be tax-free. In that case, you can take upto $250,000 in profits if you are single and $500,000 if you are married.

Thanks,

Jerry

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