How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask rpinmi Your Own Question
rpinmi
rpinmi,
Category: Legal
Satisfied Customers: 5987
8534737
Type Your Legal Question Here...
rpinmi is online now
A new question is answered every 9 seconds

Hello, sorry, hit the wrong button and it went through with ...

Customer Question

Hello, sorry, hit the wrong button and it went through with just hello.   Now, for my question:     I own a home in Maryland, have recently put an offer in on a house in Florida, and am contemplating moving there sometime before the end of the year. My home in Maryland will be sold for, hopefully, around 400,000, and the one I am buying in Florida, I will pay 230,000.   I paid 230,000 for the one I have in Maryland approximately eight and a half years ago.   I am 73 years old, paid cash for my home in Maryland, and will do the same in Florida.   Do I need to meet any deadlines, relative to any potential capital gains, as well as tax liability for the move. And if so, I probably can offset figures by improvements I have done on the home in Maryland, which would amount to approximatly 100,000.   I can do this, but it will take a bunch of research and reconstruction of records, so would not want to undertake it unless it is a money-saving process. Thank you
Submitted: 8 years ago.
Category: Legal
Expert:  rpinmi replied 8 years ago.

Princeton,

"You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

  • You meet the ownership test. = Owned the home for at least 2 years.

  • You meet the use test. = Lived in the home as your main home for at least 2 years

  • During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

  • If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.

You may be able to exclude up to $500,000 of the gain on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons. "

cited from the IRS.

http://www.irs.gov/publications/p523/ar02.html#d0e2072

http://www.irs.gov/publications/p523/index.html

Dr. Pfeiffer

Customer: replied 8 years ago.
This one is a reject, because I finally got the site up and going with another question and answers which I did accept. Please remove t his one
Customer: replied 8 years ago.
This one is a reject because it ws answered on another question and answer, this one just didn't get to the right point at the right time. Than
ks please remove