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06.01.08, 17:02 PM TTC
3 replies
real estate moms: selling apartment and want to rent for a year. are there tax liabilities? how long can i wait to re-invest? [ Reply | Watch | Flag ]
TTC 06.01.08, 05:02 PM Flag
 

Dear UrbanBaby community,

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i think you have 2 yrs to buy, will pay taxes if you make profit about 500k no matter what time limit [ Reply | More
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General Topics 06.01.08, 05:44 PM Flag
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Not quite. [ Reply | More
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General Topics 06.01.08, 08:20 PM Flag
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No tax liabilities. You could rent forever off your earnings. 500K (for married couples) of profit from the sale of your principal residence is tax exempt. Basic threshold test for a principal residence is that you have lived there at least 2 of the last 5 years. [ Reply | More
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General Topics 06.01.08, 08:20 PM Flag
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