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primary res tax credit

Started by villager
almost 17 years ago
Posts: 149
Member since: Apr 2009
Discussion about
How long after buying a new primary residence can you take the 500k cap gains credit against the place you are selling?
Response by nyc_sport
almost 17 years ago
Posts: 820
Member since: Jan 2009

I think you may be referring to the old laws. You can take a $250K ($500K if married) deducation against capital gains on the sale of a primary residence regardless of whether you purchase new property or whether you sold previously. This is only a redution on the gain on sale of the property -- not available as a deduction against other gains.

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