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Guest

Is it possible to take advantage of the capital gain tax exemption of $250,000 for more than once? Supposing that one buys it in 1999 and sells in 2002 for $200,000 gains. And then again buys a property in 2003 and sells it in 2006 for another 200,000 gains?

adonis · Posted: Mon Dec 18, 2006 12:20 am Post subject:

Yeah, you can very well get the tax exemption more than once.

Guest

But my knowldege says that one cannot qualify for the exemption more than once in every 2 years. So, if you have already got an exemption from capital gains tax within the past 2 years, then you will have to pay taxes on your gains.

Caron

Hi Stark,

In order to exclude gain and avoid paying capital gains taxes, a taxpayer must have owned and used the property sold as his primary residence for 2 of the 5 years before the sale. The time period of owning and using the property may not be the same but it has to be included within 5 years prior to the sale.

The 2 years may comprise of 24 full months or 730 days. Short absences such as vacations are counted as period of use of the property but long breaks are not. The tax payer should not have excluded gain on another home sold during the 2 years before the current sale of property.

Thanks,

Caron.

Guest

I am 85 years old and purchased property many years ago...can I be exempted from paying capital gains taxes if I sell the property?

jerry · Posted: Wed Sep 24, 2008 1:43 am Post subject:

Hi Rick G!

Welcome to MortgageFit Forums!

If the house is your principal place of residence, then it is exempted from the CGT or the Capital Gains Tax.

Hope this will help you.

Thanks,

Jerry

Guest

In 2002 I had a house with 70 aceaes and sold off the house with 10 acr now Iwant to sell the 60 acr how can I get around capital gains pay down on primary home and buy other vacant land

savior70 · Posted: Wed Jan 27, 2010 3:01 am Post subject:

Hi Darron,

As far as I'm aware of, you will have to pay capital gains tax if you sell your land at a profit. You can have a profit of $250,000 from the sale of your property and still owe no capital gains tax, if the property sold was used as your primary residence. But in your case, you cannot claim your vacant land as your primary residence. Hence, you will be subject to certain amount of tax, depending on the amount of profit you make. Consult with an accountant or a tax advisor to know if you can claim any other type of exemption from capital gains taxes.

Guest

Can I claim the per-rational share of the exemption on the unit I occupied as my primary residence for the last 3 years, but the property is a Fourplex (4 units) I owned for the past 7 years and renting the other 3 units?

jenkin7 · Posted: Wed Mar 03, 2010 12:34 am Post subject:

Hi Star,

You should be able to claim the capital gains exemption since you have occupied the property as your primary residence. The exemption, as far as I know, applies to 1-4 unit properties. Thus, you should be able to claim the exemption on your fourplex, provided you used it as your principal place of residence.

Guest

I inherited a house and the lot it was on in 2005. I rented the house until Hurricaine Ike destroyed the house in Sept. 2008. I sold the lot in Mar 2009 for $4350 more than the appraised value of the lot per property tax bill. Is my gain capital or ordinary?

savior70 · Posted: Mon Apr 05, 2010 3:23 am Post subject:

To Guest,

I've replied to a similar query at http://www.mortgagefit.com/budgeting-finance/lot-sale-capitalgains.htm l#158809 . I hope it helps you. But in any case, if you have more queries do not hesitate to ask.

Guest

i have just gone through a property settlement and sold the land we held in joint names, we purchased this land in 2003 and in the last 4 years my ex-partner has made no payments, all such payments have been made by myself from my account including rates,water rates, and all outgoings, from the sale she is going to get all moneys made from this sale, after payout of loan and solicitors fees and so on, can i claim all interest on my side for all payments made from my account including rates and up keep. as i wll not receive any moey from the proceeds of this land. many thanks

jenkin7 · Posted: Wed Apr 28, 2010 10:00 pm Post subject:

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

pretty tough to cliam income or interest rebates off property you don't own, no?

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Qualify for capital gains tax exemption more than once?