House Calls: Judgment Problem
I went to the zoning board of appeals and won! Sometimes a little work gives you more satisfaction than just paying a lawyer. -- M.T.
Answer: Thanks for sharing your experience.
Veteran Selling Home
Dear Ms. Lank: Last January my wife and I moved back up north after years in Florida. We purchased a home on Jan. 30, 2017. If we sell our home within 12 months, will there be any tax implications for selling the house before the five-year requirement expires?
I'm a five-tour veteran of Vietnam with the U.S. Marine Corps. Any information that you can provide will be greatly appreciated. -- L. S.
Answer: If you're selling your present house after such a short time, subtracting selling expenses might give you a capital loss on the sale. For your own home, that loss would not be tax-deductible. If you do have a gain, it would be subject to regular capital gains treatment.
If you're asking about the sale of your Florida home, you could take the homesellers exemption from some or all capital gains tax if you owned and occupied the home as a main residence for at least two of the five years before the sale. Under some circumstances, those in the military can have a 10-year postponement, but that wouldn't apply here.
Thank you for your service to our country.
Contact Edith Lank at www.askedith.com, at email@example.com or at 240 Hemingway Drive, Rochester NY 14620.Copyright 2017 Creators Syndicate Inc.