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Cali. real estate question

orbee

By orbee
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orbee Enthusiast

orbee

Posted
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If I sell my home and attempt to buy another can I use some of my equity for debt payoff or do I get taxed on the whole amount ? I was just curious .

orbee Enthusiast

orbee

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I know I can get this info through a direct lender , but then I got to go through all the hoopla over info and why do I ask that. HELP

Wingnut Senior Enthusiast

Wingnut

Posted
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I was told recently that anything I made off of my house wouldn't be taxed. I don't know if this is true, but if it is, it probably only applies to Oklahoma.

seanthebuilder New Member

seanthebuilder

Posted
Posted

I'm no bean counter but I believe that if you have lived in your home for more than 2 years you are free to do whatever you want with the money. If it has been less than 2 you are required to reinvest it into another home or pay capital gains on it. Just my .02. Always remember that advice is only worth what you paid for it!!!

orbee Enthusiast

orbee

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Cool I may sell not sure yet . I am really in a bind . I purchased my truck and I am going through some real bad BUYERS REMORSE :crackup: . I even think I may go down to a Cobalt :seeya:

2005 Z71 Enthusiast

2005 Z71

Posted
Posted
Cool I may sell not sure yet . I am really in a bind . I purchased my truck and I am going through some real bad BUYERS REMORSE  :seeya: . I even think I may go down to a Cobalt  :sigh:

 

 

 

 

 

Let someone rent the home from you for 6 months and then you do not have to pay capital gains - it might be one year for the rental. check it out - that is the way out of paying capital gains.

2005 Z71 Enthusiast

2005 Z71

Posted
Posted
but I believe that if you have lived in your home for more than 2 years you are free to do whatever you want with the money.

 

I believe this is wrong - my buddy just sold his house in Cali - he avoided Capital Gains taxes by renting the house for a certain period of time. Once that period passes you can sell it without capital gains.

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