Home ownership by default
2 years ago spent months getting rid of the house and junk to be full timers. WELL... My mother in law passed and we got her house. The Good. Taxes and utilities about 2k/year. Place to service RV a...
Forum Discussion
Taxes?
Don't know 'how' you inherited the house or if you paid inheritance tax, etc.
BUT, if you sell it now without claiming residency in it, you WILL also be paying a hefty capital gains tax if you sell it.
I am pretty sure the gov still left in place one of Bush's housing tax breaks.
If you 'live' in the house for 2 years you do NOT have to pay capital gains tax on the sale.
Sell it before 2 years is up living in it and/or without living in it at all and you will have to pay capital gains tax on it.
Just something to think about to help you make the decision. :C
Don't know 'how' you inherited the house or if you paid inheritance tax, etc.
BUT, if you sell it now without claiming residency in it, you WILL also be paying a hefty capital gains tax if you sell it.
I am pretty sure the gov still left in place one of Bush's housing tax breaks.
If you 'live' in the house for 2 years you do NOT have to pay capital gains tax on the sale.
Sell it before 2 years is up living in it and/or without living in it at all and you will have to pay capital gains tax on it.
Just something to think about to help you make the decision. :C
