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I sold my house in July 2010 $342.000. Portland Oregon and…

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I sold my house in...
I sold my house in July 2010 $342.000. Portland Oregon and bought land July 2010, $200.00 and the house next to it for $200.000 in North Carolina. November 2010. I did not have to pay capital gains on the Portland House held 26 years. How long do I have to hold the North Carolina property to not pay capital gains. And can I combine the two adjoining properties or keep separate for sales dates and gains. What is the gains amount I can earn minus the many repairs and upkeep's I must make.
Submitted: 6 years ago.Category: Real Estate Law
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Answered in 1 day by:
9/2/2011
Real Estate Lawyer: LawTalk, Attorney replied 6 years ago
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,857
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Good afternoon,

I'm sorry to hear of your confusion.

Under the present IRS regulations, you must reside on the property (as your primary residence) for at least 2 of the last 5 years to be eligible to sell again and get the capital gain exemption---so after 2 years living there, you can sell.

You may not combine separate parcels of property into the sale. You may only claim the exemption on your primary residence property.

As an individual, you can protect a gain of $250,000.00, and if married and both of you are on the deed, you can protect $500,000.00

I wish you the best in 2011.

Because I help people here, like you, for a living---this is not a hobby for me, and I sincerely XXXXX XXXXX abiding by the honor system as regards XXXXX XXXXX I wish you and your family the best in your respective futures.


Would you be so kind as to Accept my Answer so that I may be compensated for assisting you? Bonuses for greatly informative and helpful answers are very much appreciated. Thanks Again,

Doug

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Customer reply replied 6 years ago
SO DOES THE AJOINING PROPERTY GET A TWO YEAR CAPITAL GAINS EXEMPTION TOO. OR DOSE RAW PROPERTY NOT QUALIFY ALTHOUGH ALL OWNED BY ME AND CONTIGUIOUS? WILL I HAVE TO SELL IT SEPERITLY FROM THE LOT THE HOLUSE IS ON AND PAY TAX ON ANY PROFIT THAT I POTENTIALLY WOULD MAKE FROM IT VERSES ADDING IT ALL AS THE SAME BASIS? WHAT IS THE TAX RATE IF I REALIZE PROFIT ON THE 'OTHER' LOTS/LAND SEPERATE?
Real Estate Lawyer: LawTalk, Attorney replied 6 years ago
Good morning,

As a general rule, only property which sits under your primary residence is eligible for the exemption. However, with the IRS, there are always exceptions to the rule, and provided that you do not build on the adjacent vacant lot, you may be able to include it as well in the exemption---but you would nOT get a double exemption---just the 250,000/500,000 as I mentioned.

If you sell a vacant lot next to your principal residence within two years, before or after, selling your principal residence, the vacant lot sale capital gain can be included with the home sale tax exemption. It is a given that if you sell the lot to the buyer of your principal residence, the lot sale profit also clearly qualifies for the exemption.

I wish you the best in 2011.

Please, remember that I only receive credit for helping you when you Accept my answer. Until then your payment is simply held by JustAnswer.com and not shared with me. So, please click the ACCEPT icon if my Answer has been informative, and helpful to your understanding of the law. Thanks again.

Doug

LawTalk
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Category: Real Estate Law
Satisfied Customers: 37,857
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