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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You Have Two Years To Buy Another Residence Posted by SeanW on May 22, 2003 at 6:34 AM In Reply to: capital gains tax posted by Joe on May 21, 2003 at 9:58 PM The rule is two years, but it can sometimes be stretched to three years, if you show enough circumstances beyond your control which prevented you from closing on another house. The IRS can recapture the unreported taxes, but I suspect this is the kind of thing that slips under the rug when it's not a lot of money. Rumor has it the IRS looks harder at houses that sold over 250K. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The rule is two years, but it can sometimes be stretched to three years, if you show enough circumstances beyond your control which prevented you from closing on another house. : The IRS can recapture the unreported taxes, but I suspect this is the kind of thing that slips under the rug when it's not a lot of money. Rumor has it the IRS looks harder at houses that sold over 250K. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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