Posted on: 04th Sep, 2011 04:32 am
My wife and I owned our house for 11 months and 25 days just short of a year, we didn't think about it at the time of holding it just a few more days. I don't know if they favor 1 year or for capital gains tax. Can we still claim a year since it was so close?
Also our profit was not big at all, we paid cash for the house and we got I think after all was said and done $2,000 or $3,000 profit or so. We did a lot of work to the house.
What all can we write off since we didn't make a huge profit? Also my wife and I might be buying investment property(land) or a house for us sometime hopefully before the years end, would that help us write off any capital gains taxes? Also what if we sell the land or the house we buy? any advice would be greatly appreciated. Thanks!
Also our profit was not big at all, we paid cash for the house and we got I think after all was said and done $2,000 or $3,000 profit or so. We did a lot of work to the house.
What all can we write off since we didn't make a huge profit? Also my wife and I might be buying investment property(land) or a house for us sometime hopefully before the years end, would that help us write off any capital gains taxes? Also what if we sell the land or the house we buy? any advice would be greatly appreciated. Thanks!
Welcome Noenoeclue_is_me,
Though you were so close to 1 year, I don't think you will be able to claim it as holding the property for 1 year when you're filing taxes. But as you will be buying an investment property by the year end, you may be exempted from paying capital gains taxes. Nevertheless, it will be a better option if you could contact a tax adviser and take his opinion in this matter.
Though you were so close to 1 year, I don't think you will be able to claim it as holding the property for 1 year when you're filing taxes. But as you will be buying an investment property by the year end, you may be exempted from paying capital gains taxes. Nevertheless, it will be a better option if you could contact a tax adviser and take his opinion in this matter.