Will I have to report a capital gain for selling my residence?
September 21, 2005
Date: Thu, 18 Aug 2005
Will I have to report a capital gain for selling my co-op residence? I lived there just under two years and bought a bigger house. The gain would be under $200,000.
Date: Wed, 14 Sep 2005
Unless you qualify for one of the exceptions for a partial exclusion, such as selling the home relating to being employed in another location or relating to a divorce, you have not met the requirements for the exclusion and the gain is taxable.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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