Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

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

Customer Question
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
Show More
Show Less
Ask Your Own Real Estate Law Question
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: 37,876
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
Verified
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

Ask Your Own Real Estate Law Question
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
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,876
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
Verified
LawTalk and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask LawTalk Your Own Question
LawTalk
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,876
37,876 Satisfied Customers
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

LawTalk is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

37,876 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Is management allowed to give you a 30 day notice to quit
is management allowed to give you a 30 day notice to quit even though i was never given a contract from them? it says cause it says cause we didnt want toi sign contract but there was never no contrac… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,176 satisfied customers
HOA question in regards to common property of the
HOA question in regards ***** ***** property of the subdivision: … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,041 satisfied customers
Is their anything else I should know when I file in small
Is their anything else I should know when I file in small claims court about my neighbors tree. Also I have a letter from Doctor , because she is concern about my health. Send me an E mail***@******.*… read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
If i am disable and have a medically sick can i be evicted
if i am disable and have a medically sick can i be evicted from my apartment for non payment … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
How much is this service? Arizona. I got a letter from our
I got a letter from our neighbor's lawyer. They want a legal easement on our property, we said no, but you can use it. I guess there was a previous easement that is void now, but they want us to sign a quit claim deed or they will file a suit for a quiet title action. … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
My question is regarding Adverse Possesion and if I would
Hello, my question is regarding Adverse Possesion and if I would qualify for that. … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
State: Arizona, Please excuse incomplete message. I need to
Please excuse incomplete message. I need to see what percentage of property owners in a subdivision (Pima County Arizona) need to approve a Mandatory HOA (right now I have about 50%). Thanks … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,041 satisfied customers
I purchased villa, asked how before buying if there were any
I purchased villa , asked how before buying if there were any planned assessments. They said no in writing. 30 days after purchase, I was assessed 1400. To paint the complex. Cash or chec only!!! … read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
I have had issues with a broken appliance in apartment for
I have had issues with a broken appliance in apartment for 10 weeks now my landlord is well aware but has not fixed the issue … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I moved into some apartments on March 16, 2018, since then I
I moved into some apartments on March 16, 2018, since then I have not had air up until May 16, 2018. The air was working up until 12th or 13th of June. I want to be let out of my lease what can I do? … read more
Jessica B
Jessica B
Juris Doctor
1,270 satisfied customers
I own a home in Fulton county Georgia and I'm trying to
I own a home in Fulton county Georgia and I'm trying to evict my ex girlfriend and she's claiming that the house is half hers and she's trying to take ownership. She paid the closing on the conditions… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,176 satisfied customers
Kiwianis Club owns 40 acres they lease to Post Falls Idaho
Kiwianis Club owns 40 acres they lease to Post Falls Idaho for $1 a year. It is set up as a public park. one side of this park is directly open to the backyards of several houses with a 6' chain link … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,164 satisfied customers
I need to know do I have any right as a squatter or can I
I need to know do I have any right as a squatter or can I take possession of the land and the trailer I live in. I have a gut feeling that my kids are trying to get me out. I had a roommate that my da… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Recently moved out of my condo in Delray Beach Florida that
Recently moved out of my condo in Delray Beach Florida that I owned jointly with my friend, unmarried friend. He has decided that he wants to stay in the property in definitely. If he does not agree t… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
New question for Ray only. I have read over what you sent.
New question for Ray only. I have read over what you sent. It is helpful. I didn't pay a bond to stay the case when I appealed it because I didn't have the money to do that, and I thought that it woul… read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
I was illegally evicted by my landlord. My apartment had
I was illegally evicted by my landlord. My apartment had major health violations and when I told him he ignored the problem until the health department got involved and now I have a judgment of 9000. … read more
Nisha Jones
Nisha Jones
Juris Doctorate
3,023 satisfied customers
Lender said that my conventional loan is approved but lender
Lender said that my conventional loan is approved but lender is unable to move forward becuase of the builder's sales issue with Fannie Mae guidelines. I am in trap. What Fannie Mae guidelines wrote a… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,041 satisfied customers
My father passed away in 2016 and I inherited his home. I
My father passed away in 2016 and I inherited his home. I need to get the deed transferred to me but not sure how to go about it … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x