Capital gains on sale - how long do you have to reinvest proceeds?
We are selling our apt but now are having title problems with the house we are planning to buy – so the house could fall through, but we’re probably going to go through with apt sale anyway. Question is: is there a time limit within which we have to invest capital gains into another primary…
We are selling our apt but now are having title problems with the house we are planning to buy – so the house could fall through, but we’re probably going to go through with apt sale anyway.
Question is: is there a time limit within which we have to invest capital gains into another primary residence? That is, if we don’t buy a house within 1 year, will be charged tax? Our accountant said this rule no longer exists, so we have no time limit – but I just wanted to double-check.
Also, is the maximum deduction of profit (before capital gains tax kicks in) $500K for a couple?
I liked the post and was hoping to learn something from the responses. Instead all I get to read is a bunch of people picking on the poster. I’m just sorry the hecklers are too afraid to post as anything but “guest”. I wish this site would require registration for all posters, it would help keep the bulls–t factor to a minimum.
some people are meanies, yes, but i think what is at the bottom of some of the more targeted responses to you lies in the expectation that the “advice of strangers” thing should go both ways. you seem to ask for a lot of advice that seems fairly remedial (i.e., readily google-able) as well as a lot of advice that seems to demand a deep inquiry into some very specific details about your particular situation. this is all fine, if a little tedious. but what irks is that i’ve never, ever, seen you post a response to anyone else who asks a question, or post a thought in a thread. in sum, you come across as a rather needy “taker” and never a “giver.” i’m sure you’re perfectly nice IRL — you just come across as kinda annoying in your posts.
11:01 – You know, this is not the only listserve I use, and what can be nice about listserves is when strangers genuinely help each other out by sharing advice, experiences, etc. which can in the best of cases create a sense of community. I do feel that this happens on this list, and for that, am grateful that is exists. I guess it’s just unfortunate that the list gets hijacked by all the bitter nasty posts (certainly not just in response to my posts – my jaw has dropped over the gratuitous nastiness on some other threads). I must say, I don’t see that happen on the other listserves I visit. Maybe NYC real estate just brings out the worst in some people…
housesearcher why do you try to make contact and converse with people on a free website
please try and keep to topic items that are as brilliant as the musings of 10:02
10:02 – We are not walking away from this house per se – we are waiting to find out if the title is clear. If it is, we’re buying it. If it’s not, we’re selling our apt anyway and continuing our search for a house. I guess “meanies” was an unfortunate choice of word, but my point is that people who are just mean and angry-sounding don’t contribute anything useful to this list. Even among those who have cautioned us against this house, there are plenty who did so in civil and truly helpful ways (i.e. warning that they had considered narrower homes and found that they preferred wider ones). It’s not that I don’t like the advice – all *constructive* advice is appreciated (and I have considered it in my research), but ultimately anyone’s choice to buy a home is deeply personal and to call people names – on an *anonymous* blog and insult their character, and use words like “inane” (when others have stated that the discussions are helpful) strikes me as bizarre at best, but these vitriolic unconstructive posts also clog this list – kind of like spam. If you don’t like my posts, don’t read or respond to them – please don’t hog space on threads that others are reading to seek constructive discussion.
“what is the point of just saying mean things?”
The point is to get you to stop the inane posts. Why do you insist on calling people mean just because you don’t like their advice? The “meanies” like me have been telling you to walk away from the house. Turns out we were right.
“I think the meanies are the ones who should go away!”
Anyone who sounds so much like a 4 year old cannot handle a house let alone one with these problems.
People feel important by belittling others. Thats why they will make rude, obnoxious comments rather than ignore the post if it bothers them. There are plenty of A-holes in this world…Many of them have computers and internet access.
Thanks 8:44 – yes, the hostility on this list is out of control. We actually have been thinking of getting a new accountant (he screwed up last year but we have not had time to find someone new) but have to make a decision fast about selling our place, so figured it was useful to post on a list of people who are presumably very knowledgeable about real estate instead of scrambling to find a new accountant which we’ll probably do once we get through this big real estate transaction.
Truly, what is the point of just saying mean things?
Every time someone’s critiqued my posts, several people have pointed out that the discussions have yielded info useful to others. I think the meanies are the ones who should go away!
Hey, If you don’t like a post, don’t read it and don’t respond.
All these questions (even from frequent posters) provide information for the rest of us. 5:58, I’m much less interested in your attitude problem.