We bought this house in February of 1997, just missing
the change in tax law regarding capital gains (dang
it!) That's why I hadn't thought about the change in
tax laws regarding home sales.
We seriously considered delaying the purchase of the
house as a result of the change, because we took a hit
when we moved down here - the market was hot in
Milwaukee at the time and we were selling a house we
had built ourselves (major league sweat equity there.)
Good to know - thank goodness we won't get hammered,
because the same thing is going to happen again with
the ridiculous home prices here and far less expensive
homes in Indy.
FWIW, we'll be on the west side, probably in Avon,
Plainfield or Brownsburg. Still lots of land around
there and close to work for me.
Thanks for the info - and we've already started our
"box 'o' receipts" for the house sale.
Dan
--- Mitch Haley <[EMAIL PROTECTED]> wrote:
> LWB250 wrote:
> > lot a equity that I have to do something with or
> take my lifetime capital gains tax.
>
> There's no lifetime exclusion or rollover
> replacement now. As it currently
> stands, the section 121 exclusion is limited to
> $250k per taxpayer every
> two years. If you are MFJ, the first $500k of gain
> is exempt, anything over
> that is taxable whether you buy something else or
> not. I suppose I should
> check and see if any changes are scheduled for 2008
> returns, but I don't
> believe there are.
>
> Mitch.
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