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  • April 6, 2015 at 12:30 PM #21465
    VistaGuy
    Participant

    I was hoping some of the pigs on here could clarify a question regarding capital gains tax for the sale of a primary residence prior to 2 years of ownership. I have heard a lot of mixed responses based on annual income, amount gained, etc and wanted to see if anyone has concrete knowledge of this topic.

    The quick back-story is I am looking at other areas for school reasons and considering selling my home in Vista. We will be at the 2 year mark at the end of June but were unsure if it is necessary to wait the full 2 years to avoid capital gains tax.

    Thanks everyone for your help!

    April 6, 2015 at 1:14 PM #784495
    skerzz
    Participant

    I’d recommend reading through the IRS publication at the following web address: http://www.irs.gov/publications/p523/ar02.html

    This is fairly straight forward, but if you still have questions, I’d consult your CPA.

    April 7, 2015 at 9:08 AM #784511
    (former)FormerSanDiegan
    Participant

    If you are considering selling now, in April and the 2 years are up in June, chances are that it sells after June and this is a moot point.

    Just put it on the market 30-45 days before the date where you hit the 2 year mark and if you are lucky enough to get a quick sell make sure that the buyer agrees to close after that date.

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