Selling a property you live in.. TAX?

[Nir]

Hi All,

I understand there is no tax paid when selling a property you live in.

But.. for how long are you expected to live there before selling without paying tax? .. is one month enough/legitimate, 1 year or perhaps 10 years?

What is the minimum?

Also, how often can you legitimately buy and sell without paying tax? even every month, every year or perhaps only once every 10 years?

I am not an accountant and haven`t sold any myself yet (not even once, just curious about the implications.

THANKS,
Neil

 

[Bill]

QUOTE (investmart @ Jun 13 2008, 12:33 PM) Hi All,

I understand there is no tax paid when selling a property you live in.

But.. for how long are you expected to live there before selling without paying tax? .. is one month enough/legitimate, 1 year or perhaps 10 years?

What is the minimum?

Also, how often can you legitimately buy and sell without paying tax? even every month, every year or perhaps only once every 10 years?

I am not an accountant and haven`t sold any myself yet (not even once, just curious about the implications.

THANKS,
Neil

You should probably consult with an accountant in your area who is experienced with this issue. From what we have learned and heard if you are in the house over a year it shouldn`t be a problem, some people have even had no issues with shorter lengths. Although if you were to rotate houses every nione months the government may have some issues.