Capitol gains tax?
If my wife and I sell our house to buy an RV with the profits and become full timers, are the profits still subject to capitol gains or is the purchase of the RV considered a home?
Forum Discussion
By all means, I plan on consulting with a tax professional when the time is near. I thought it was likely that I would have the tax year to sell and still claim the "married" exemption. I just appreciate this being brought to my attention while I can still plan for it.
Home prices have shot up incredibly here. With Microsoft, Nintendo, and Amazon being headquartered here, they are bringing well salaried people here from all over the world. It is amazing to me to think that our S&B has increased almost $500K in 7 years. My neighbors are selling their homes for cash with no inspections or contingencies. I know, that's just crazy. I think that going fulltime will help me keep much of that in my bank account and not go to the Federal Treasury. I'm going to need it as my DW's illness has drained our bank accounts.
Home prices have shot up incredibly here. With Microsoft, Nintendo, and Amazon being headquartered here, they are bringing well salaried people here from all over the world. It is amazing to me to think that our S&B has increased almost $500K in 7 years. My neighbors are selling their homes for cash with no inspections or contingencies. I know, that's just crazy. I think that going fulltime will help me keep much of that in my bank account and not go to the Federal Treasury. I'm going to need it as my DW's illness has drained our bank accounts.
