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Also, I am buying a new house that is 150k more then the house i am in, would i be able to do anything to avoid capital gains since i am buying a new house of more value?

I will sell the house before having it for 2 years. Also, how much in capital gains will i have in WA, i know there is 15% in capital gains, is there any state tax here or anything else you have to pay over the 15%.

2 Thoughts on Own a house 1 year and will make 75k selling it, can i use stock loses to off set some of the capital gains?
  1. Reply
    Sultryivy
    November 16, 2011 at 10:49 am

    As far as I know, you don’t pay taxes on money that is borrowed. What if you took out the equity from your home and asked for no pre-payment penalty? You might have a bit of a higher interest rate but you would avoid paying the capital gaines.

  2. Reply
    buyhawkeye.com
    November 16, 2011 at 10:54 am

    Yes, you will be able to offset your capital gains in as much as you have capital losses.

    No, unless you were in the house for two years, you won’t go tax free on the $ 75K gain. Rolling your profit from one house to another tax free was under the old rule.

    No personal income tax in WA (see: http://www.retirementliving.com/RLstate3.html ) so you won’t have to worry about additional hits to your gain.

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