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KILBOTz 07/18/18 6:45:16 PM #1: |
@Drpooplol
@Darkman124 https://www.irs.gov/taxtopics/tc701 So as I understanding the only exemption from capital gains on a house sale is $250k if you are single. Is that correct? Did it used to be if you rolled it over into the purchase of a new home it was all exempted? --- ... Copied to Clipboard!
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Drpooplol 07/18/18 6:58:18 PM #2: |
KILBOTz posted...
So as I understanding the only exemption from capital gains on a house sale is $250k if you are single. Is that correct? Yes, but it's not an automatic exemption --- "Or do you want to know more about my vagina?" *LIE* "No" ... Copied to Clipboard!
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Drpooplol 07/18/18 6:58:59 PM #3: |
https://www.irs.gov/publications/p523#en_US_2017_publink100073070
Search "eligibility test' --- "Or do you want to know more about my vagina?" *LIE* "No" ... Copied to Clipboard!
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KILBOTz 07/18/18 7:26:57 PM #4: |
k, looks like im eligible.
now, also as I understand it, it is not illegal to do either a cash-out refi or HELOC and then sell shortly after. Any idea if that is right? I figure I have $400-500k in equity so loan costs are small compared to tax cost. --- ... Copied to Clipboard!
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Drpooplol 07/18/18 8:27:42 PM #5: |
Well you have to pay out the HELOC when you sell... I don't think you'll be able to avoid much for taxes if you do that. But I haven't put much thought into it
--- "Or do you want to know more about my vagina?" *LIE* "No" ... Copied to Clipboard!
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