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Why should the government or anyone else direct what happens with your estate assets? Why should a court, a stranger, or someone other than your choice make the medical and financial decisions for you if you become sick and incapacitated? Why should anyone other than your spouse, life partner, or the one you choose make the decisions about your illness, hospital visits, your funeral and what happens to your estate?

Monday, January 31, 2005

Capital Gains on Sale of Home

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Question:
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Category: Tax and Taxation Law
Location: FL
Subject: Capital Gains

We are planning on selling our home that we've lived in for 7 yrs. At the moment, we do not have plans on purchasing a new one. Is there a way we can defer the capital gains taxes on the proceeds we get from selling? We owed approx. $88K and will sell for around $150K.


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Reply:
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Category: Tax and Taxation Law
Location: FL
Subject: Re: Capital Gains

Since the home has been your principal residence for more than two years, and the gain is less than $500,000, you will not pay any federal income tax on the gain.

For further tax planning information, see my web site at:

http://www.saveyourestate.com/

I hope this helps!

posted by Unknown | 10:26 PM