Is there Cap gains tax due if you sell ur home before two years, but are buying a new home with the

Tips and Deals Forums Buying Your Home Buying Your Home Is there Cap gains tax due if you sell ur home before two years, but are buying a new home with the

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 5 months ago.

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    Anonymous

    Existing home cost $ 200,000, selling for $ 240,000 18 months later, buying another home for $ 265,000. Do they owe capital gains taxes on the $ 40,000 increase in value? Also, they are taking $ 19,000 from the proceeds of the sale to pay off their car loan, so in essence they are putting $ 21,000 down and financing $ 244,000 – not that that should matter.

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