Are Capital Gains Taxes Pro-Rated

Comments(7)

• 
  NewKidinTown23rd March, 2005

  Tell us why you had to sell your house after only 18 months of occupancy?
  
  Did you get an offer that was too good to refuse?
  [addsig]

• 
  thechangingtable3rd March, 2005

  if you moved for a reason like job change, health reasons, divorce, etc, you may be able to take the prorated gain. Check with your accountant.

• 
  hoos363rd March, 2005

  There was no specific reason other than I realized I could make a lot of money.
  
  I did end up buying the new place with my future wife, so I guess that could be a reason...not sure if Uncle Sam is going to agree with that one though :-D
  
  Hope that helps and you all can give some more insight.
  
  Thanks for the responses...looking forward to being a great contributor to this forum
  
  TB

• 
  jon_realtor4th March, 2005

  Yep!
  I agree with the guy above me
  you have to live in the property for at least 2 years in order to claim Capital Gains Tax. Go to the IRS or see your accountant.
  good luck

• 
  hoos364th March, 2005

  Thanks DontAskWhy...I just printed out the PUB 523 and it looks like I am out of luck unless my accountant can pull a fast one.
  
  Unfortunately the deal on our new place was too good of a deal to wait the extra 6 months.
  
  Thanks Again

• 
  cataman4th March, 2005

  Not to mention sleeping at night. Is there a good book that you can recommend that identified legitimate ways to maximize deductions?

• 
  cataman4th March, 2005

  The value of this site never ceases to amaze me. Thank you.