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House Calls: Judgment Problem

Edith Lank on

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.

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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.

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Contact Edith Lank at www.askedith.com, at edithlank@aol.com or at 240 Hemingway Drive, Rochester NY 14620.

Copyright 2017 Creators Syndicate Inc.
 

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