Tax Gains ?

Sue Doe-Nym · 03-20-2018, 07:05 PM

Interesting topic. I have wondered about the $500k capital gains exclusion for the sale of a primary residence. Now that Trump has simplified the tax code, will that still be in effect. I hope so! We have a waterfront property for which we paid under $300k some years ago, and we would hope it would bring at least $800k. Does anyone know? Thanks in advance🤓

joey2665 · 03-20-2018, 09:31 PM

Quote:

Originally Posted by Sue Doe-Nym

Interesting topic. I have wondered about the $500k capital gains exclusion for the sale of a primary residence. Now that Trump has simplified the tax code, will that still be in effect. I hope so! We have a waterfront property for which we paid under $300k some years ago, and we would hope it would bring at least $800k. Does anyone know? Thanks in advance

The rule is 250,000 for single and 500,000 married and it must be your primary residence for at least 2 of the 5 years prior to the sale.

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Sue Doe-Nym · 03-20-2018, 09:59 PM

Thank you! Helpful information. I kept hoping that it would be discussed when tax reform was under consideration.....
nobody mentioned it.

joey2665 · 03-21-2018, 04:33 AM

Quote:

Originally Posted by Sue Doe-Nym

Thank you! Helpful information. I kept hoping that it would be discussed when tax reform was under consideration.....

nobody mentioned it.

No problem. If you have a more specific question just send me a PM. Always happy to help a member.

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03-20-2018, 07:05 PM	#1
Sue Doe-Nym Senior Member Join Date: Jul 2009 Posts: 1,425 Thanks: 743 Thanked 788 Times in 413 Posts	Interesting topic. I have wondered about the $500k capital gains exclusion for the sale of a primary residence. Now that Trump has simplified the tax code, will that still be in effect. I hope so! We have a waterfront property for which we paid under $300k some years ago, and we would hope it would bring at least $800k. Does anyone know? Thanks in advance🤓

03-20-2018, 09:59 PM	#3
Sue Doe-Nym Senior Member Join Date: Jul 2009 Posts: 1,425 Thanks: 743 Thanked 788 Times in 413 Posts	Thank you! Helpful information. I kept hoping that it would be discussed when tax reform was under consideration..... nobody mentioned it.