im thinkin about selling my townhouse. bought in sept. '05. hasnt been 2 yrs yet so if i sell it now would i have to pay taxes on it?

 

Yes you would. Here is the boiled down version of the capital gains tax law:

"A capital gain on the sale of a principal residence is afforded special treatment for Federal income tax purposes. Married sellers of a principal residence may generally exclude up to $500,000 of gain ($250,000 of gain in the case of single individuals) from gross income, provided the real estate was used as the sellers' primary residence for at least two years during the five year period ending with the date of the sale."

http://www.irs.gov/taxtopics/tc409.html

 

damn that sucks. thanks coreyann

 

Sorry for bumping this topic, but I'm in the same boat right now. Has anything changed over the last few years? Any updates and advice are appreciated.

 

I completely understand your point and recognize how challenging it can be to make the right decisions in life. It's true that navigating through life's choices can often feel like a daunting task. Personally, I have found solace in utilizing tarot card readings https://tarotoo.com/free-tarot as a means to gain clarity and guidance in such moments. Tarot cards have a unique way of tapping into the subconscious and shedding light on various aspects of our lives that might otherwise remain concealed. The symbolism and interpretations they offer can provide insights that lead to a better understanding of the paths we're considering. It's almost like having a conversation with your inner self, guided by the symbolism and wisdom encapsulated within the card

 

If you sell your townhouse before owning it for two years, you may have to pay taxes on the capital gains from the sale. It's best to consult with a local tax professional for your specific location and tax laws.