Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.
How long have you lived there?
What taxes are you talking about... capital gains taxes?
Ok, so have you lived there at least 2 years?
Ok, then you would be able to exempt up to $250,000 if single, $500,000 if married, in capital gains under the homestead exemption available under federal law for the sale of someone's home. They just have to live there 2 out of the last 5 years in order to qualify..
So any sale would be tax free under your scenario..
No, that is personal property and there is no state or government entity that tracks the sale of personal property.. Presumably personal property depreciates over time, like your sofa, chairs, electronics, etc. so there is normally no "profit" on the sale of personal property..
Even if there was, there is no one who monitors it.
So your entire sale would be tax free..
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