Quote:
Originally Posted by TunedOut
Tisha, Keep asking your husband and doing research since this is so important to you.  I would also ask God too!  You probably know more about real estate than me but I think this tax break makes buying and selling a home less risky: Principal Residence Definition
In most cases, taxpayers must file taxes on capital gains from the sale of any property. However, when they sell their home of primary residence, they could qualify for an exclusion of a $250,000 gain ($500,000 if married filing jointly) if they meet the following requirements according to the IRS:2
They owned the home and used it as their primary residence in at least two of the five years preceding the sale of the property.
They did not acquire the home through a like-kind exchange in the past five years.
They did not exclude the gain from the sale of another home two years prior to the sale of this home. |
We didn’t make enough profit if we sell our home to worry about the gain tax. It’s more a matter of other states have taxes that would cost us more than staying in our state. How much more, I have no clue. He could have squashed my dreams over a few hundred dollars for all I know, just because he doesn’t want the same. He teased me for our whole marriage about what I can do once the kids leave home and then squashed me like a bug.
I read articles about how someone will keep telling their partner things are going to be great someday, all the things they’ll do…meanwhile things in the present sucked, and nothing’s going to be great when we don’t even get along.