Comments on: New Rules for Capital Gains Taxation of Second Homes

By: dan

dan — Mon, 07 Nov 2011 12:50:07 +0000

I sold some property, only had to pay cap gains tax (rather than ordinary tax rates), and was still left with a substantial profit.
Why does everything have to be politicized Betty? Although the law changed before President Obama was even inaugurated, I’m still not blaming President Bush; he helped close a big tax hole.
You just need to understand the rules and plan accordingly.

By: Betty

Betty — Wed, 09 Feb 2011 02:40:30 +0000

This is Another downfall of Obama. Penalizing American citizens, (true American citizens),that have worked and tried to have something in their life time.

By: Amy

Amy — Tue, 02 Jun 2009 19:19:58 +0000

We lived in the house for 11 years and we are moving to a new house and planning to rent the old house. If I rent for 4 years and then sell it. How much capital gain exemption can I get? How long can I rent to get some exemption ?

By: Mr. GoTo

Mr. GoTo — Thu, 01 Jan 2009 00:22:25 +0000

Retired Std: I like your plan and hope that it works out the way you have prepared it. I also hope that the IRS doesn’t change the rules again. Keep us posted on how things proceed.

By: Retired Syd

Retired Syd — Sat, 27 Dec 2008 06:58:04 +0000

This is indeed a topic near and dear to my heart. We have a vacation home that we are converting to a principal residence–we moved there in March of 2008. My plan is to sell it some day (later than March of 2010) after we have lived there for 2 years. (Probably more like 3 to 5 to wait for the market to stabilize.)

Then we will move back to our old principal residence, the house we expect to die in (therefore don’t really need the exclusion there.) In any case, we will live there so long that the ratio will have such a large denominator that we don’t lose that much if we eventually sell it.