Do you get the 250,000/500,000 capital gains tax exemption on a second home?

no

cc: even if it's never been rented? I was under the impression that if it is not rented but a true second home you can get the exemption.

cc, that depends on if you move into it before you sell, right? a five-year rule, carved out proportionately, and the tax rule changed relatively recently? with a minimum time period for anything. but see an accountant if you're deciding to buy or sell.

lr10021 you are trying to start a discussion not related to broker Sean Felker. As your discussion has no bearing on continuing to drag the poor bastards name through the cyber mud I suggest you revisit your thread in a few hours. the natives are restless and only furthering of said broker or name calling will do for now

for what its worth from h&r block:

Selling Your Second Home
If you sell your second home, the gain will be taxed as capital gain, long-term if you owned it for more than a year and short-term if you owned it 1 year or less. A loss on the sale can't be deducted. If the second home was rented for profit, gain generally is taxed as capital gain and a loss can be deducted. The part of the gain attributable to depreciation is taxed at a maximum rate of 25%. If you used the home for personal purposes and rented it, you have to treat the sale as part personal, part business.

If the second home was your main home for at least 2 years during the 5-year period ending on the date of sale, you can exclude up to $250,000 of the gain (up to $500,000 if Married Filing Jointly and you both used the home as your main home for the required period). You can't claim the exclusion if you sold another home within the 2-year period ending on the date of sale and claimed the exclusion for that sale.

If you don't meet the 2-year ownership or use requirement, you may claim the exclusion only if you sell the home because of a change in health, place of employment, or another "unforeseen circumstance." In this situation, the maximum exclusion will be reduced. You may not exclude any gain attributable to depreciation you claimed after May 6, 1997.

If you sell a second home and use it other than as a principal residence (nonqualified use) at any time after 2008, the gain eligible for the exclusion may be limited. For this purpose, nonqualified use does not include:
Any nonqualified use before 2009.
Any period during the 5-year period that is after the last period of use as a principal residence.
A period of temporary absence of up to 2 years for reasons of health, employment and unforeseen circumstances.
Any period (not to exceed 10 years) during which the taxpayer or spouse was serving on qualified official extended duty.

but nice of you to bring up broker felker. if someone does a discussion search his name will come up one more time.

yet another new poster? eesh.

good of all of you to take time out from trying to ruin someone's professional reputation to answer a real estate related query. fine work

back to the OP.

seems pretty muddy but...if you've sold another place within the two years, seems like you could have a problem... unless of course, you're tim geithner!

hey jim: fuck you and your multiple identities.

hi jim, anything you'd insightful you'd like to add about the real estate market? other than brokers don't have enough business?

actually we rarely waste our time (at least on a thread percentage basis) with real estate brokers. but it might be wise to note that you push, we pull.

thats the kind of attitude i am looking for here cc and ar...keep it up. last couple of post all i have really seen from cc is "fuck you" and "shove it" nice way to dialogue with people

what are you offering you lying, cheating piece of shit?

lets see...you created your identity 9 minutes ago to add:

"good of all of you to take time out from trying to ruin someone's professional reputation to answer a real estate related query. fine work"

what the hell did that have to do with this string?

you are doing a great job illustrating what kind of character you have columbia country. keep it up this is great...

actually jim, we were trying to help the real estate market. helping people find information to make decisions. you're just messing up some legitimate thread.

good work!!

really...tell us more ... lets start with you.

long time lurker.

just decided that you couldn't take it any more?

so someone asks a question and your answer is?

that is what is great about this medium

tell us more.

jimhones, this is bad form. When I'm posting, and my posts are generally limited to addressing nasties by w67thstreet and aboutready, I either post directly in response to them and their recent evident nasty posts, or, in the instances I create a thread, I always put it under the Anything category which doesn't take up space on the front streeteasy page.

This thread contained no nasties or chest pounding by w67 or ar and was intended for someone's actual information, so is not the ideal place for your posted reply. But don't be frustrated, there are and will continue to be plenty of places for you to respond appropriately.

why should i? not amused anymore trying to destroy someones career (someone you never met and never did anything to you i might add) anylonger now that i a have something to say? you're a profane child

got it guys - thanks

mental note - ignore jim

wow...jimbob, off the hook?

hey jim jones: drinking the koolaid?

keep writing....just love seeing how juvenile you are

ahhhhhhhh ahhhhhhhh ahhhhhhhhh thump thump thump....

no man you're juvenile..... unicorn!!!!!!!

Jim, just to support what aboutready said, please refer to this thread, http://www.streeteasy.com/nyc/talk/discussion/14293-i-heard-a-rumor-from-a-unicorn-shawn-felker-is-so-good-he-is-going-to-raise-his-commission-to-7

I posted a number of the "REAL thread"s that w67th has been involved with.

(sorry lr10021, this thread has already taken a turn for the worse)

weird to see you talking to yourself.

i really think that this board would be a better place without: west67th, columbiacounty and aboutready. i would settle for anyone of the three finding a new hobby but all three would be most ideal.
i am not a new poster...i am an old poster sick of all of your antics
i am a real estate professional (if that matters at all)
i do seek and ocassionally try and give guidance on this board, but find all three of you beyond intolerable

w67thstreet is a commercial landlord and former residential landlord who has had many lawsuits with his tenants.

so..you're a borker but you won't identify your original anonymous name?

what is your problem?

identify yourself and i wlll stop posting.

how can you be afraid of revealing your anonymous self?

so easy to get all of you riled up....like a kindergarten class

that's hifuckinglarious. jim, if you're a long term poster, you haven't been paying attention. sorry child, i'm a girl of the people. really, truly, absolutely. and i've been here for years. and i've met some of the SE people, they concur that i'm crazy, but they told me it was interesting.

"i've met some of the SE people, they concur that i'm crazy, but they told me it was interesting."

aboutready, not really a solid credential. I'd stick with the Yale degree.

current commercial... prior residential LL, always had a kick ass relationship w/ tenants. Been sued by lots of gypsies and ambulance chasers, nyc zoning, nyc bldg dept., Condo Boards,.... never lost a one. Just recently, a zoning case was thrown out and the "writer" of the ticket was taken to task by the administrative judge... but do GO ON!!!!! (Jon Stewart's voice)......

so professional, jimmy do you wear a suit? three piece or two piece... what makes you so professional?

psst, w67thstreet, show some solidarity with aboutready and keep me on ignore. Probably the one good quality about you was, I thought, you stuck up for your friends.

its like listening to wasps buzz around

look inward jim. it's all perception. you think we're so easy, well that's so that you can perceive that you have some power.

we really truly think you're a gnat. if we wish to work ourselves into a frenzy, it will be for our own needs, hopefully at least somewhat related to the real estate market. but now perhaps everything is.

yeh.. .seriously out yourself... you long time poster... same mo as the other posters whose prior posting they'd like to keep free of association from their new handle... what is it w/ you lozers?

good go there on Group A, spelled a word with a z where it shouldn't be. Remember though, one from Group A, and one from Group B (mention Rolex or Porsche or wife Doctor, or trust fund for kids, or how much you can lift, etc.)

come on...speak up and out for all the borkers.

no matter... nyc re sucks and borkers are gonna have a hard time remembering 2007's easy ways... when the future looked bright, nothing was unaffordable and they talked themselves into a "career." LMAO.. goodz luckz.. my coinage keeps growing.. my dream homes keep dropping... like the McD commercial.. "I'm Lovin it... balabala baaaaaa"

group to me: "please please please tell us who you are so that we can get our kicks bashing someone else here, please please please"

may as well be begging like little puppies though, and about as articulate in your case

balabala baaaaaa

hmm, that might be a new one to add to Group A. Sounds like a chant during the blood drinking ceremony in Indiana Jones and the Temple of Doom.

i wonder how many comments i have to flag for colombiacounty to get booted off for profanity and abuse?

the best defense...

tell us again about your contribution to this thread.

no cc. the one and only comment that works is that there still has not been a positive comment for the assholes. maybe one throwaway.

this is affirmation, not for every comment we make. but for who we are.

love how you all come to each other's rescue....big egos need big boosts hey?

"the three of us are always right, everyone else is either always wrong, a broker (and therefore worthy of bashing) or ignorant and needs us to school them on real estate and on anything else we feel like ponficating on that particular day"

aboutready
"no cc. the one and only comment that works is that there still has not been a positive comment for the assholes. maybe one throwaway.

this is affirmation, not for every comment we make. but for who we are."

someone play the tone from the NBC public service announcement

seriously though, I'm not seeking affirmation.

Why are you?

seems to me like there is at lease one other person here sick of all of your noise, lady and gentlemen.

jimhones09, if that is an actual quotation, please post the link or your source

lr10021 are you thinking to buy or do you already own?

(I actually pity the poor streeteasy visitor who thinks that he or she might come to this thread to find an answer to the original question posed)

the quotes are used to illustrate the mindset of the streeteasy braintrust. not attibutal to any sourze

hmm

Please did i get the right? jimhones09 interrupts this thread of OP seeking real RE info. jimhones09 comes on as new poster defending shawn felker well knowing that the problem SE posters have with Mr Felker is not actually the professional broker but instead a snarky posting by Mr Felker that was then followed by an avalanche of first time posters blogging support of Mr. Felker.

Then, come to find out jimhones09 is not a first time poster but merely posing as one. Couldn't that only mean that jimhones09 is actually a broker that is in fact fueling the fire --trying to keep the Felker fodder alive and thriving? Does jimhones09 have a hidden agenda against Mr. Felker.

Perhaps all of Mr. Felker's supporters should stay off SE and then we will know that all future defenders are just brokers with an axe to grind. Really too funny at this point. A true kafka novel.

apt23: glad you were able to get through that without using expletives.

Yes, apt23 -- jimnocojones has admitted in another thread -- about a prima donna RE agent -- to being a dirty broker herself. No surprise. What exactly her hidden agenda against Felker is, I don't know. But it's a thing that makes you go hmmmm ...

Forget the second home. Is there an online site for authentic RE marriages? like immigration marriages? just wondering.....

authentic, probably not really. at your own risk, likely.