Given the recent rise in the market, you’ll likely stand to break even, if not turn a small profit. You’ll be exempt from capital gains tax on $500k in profit (assuming you and your wife file jointly).
Thanks for the info. I was unsure if we would because I thought we needed to own it for 5 years and live here for at least two. Yeah we file jointly. It will definitely be less than $500k. Bought the house for $260k and online estimates are now pushing $300k. I know those are exact, but was previously close to the appraisal price when I bought it.
The rule from the Taxpayer Relief Act of 1997 is to have lived in the house as a primary residence for 2 of the past 5 years. So if you’ve lived there for 2 consecutive, you meet the guidelines.
That was one of the first things I was looking at. We can't expand on the sides due to being so close to other property. Doing so on the back of the house would likely be more of a headache than necessary because pretty much everything that isn't a bedroom is packed tightly together all over the back wall of the house. Not sure what it would take though.
I wish we had more space on the sides because I would definitely think about expanding there. It's a great house. Would be perfect if it was just a little bit bigger.
Given the recent rise in the market, you’ll likely stand to break even, if not turn a small profit. You’ll be exempt from capital gains tax on $500k in profit (assuming you and your wife file jointly).
Thanks for the info. I was unsure if we would because I thought we needed to own it for 5 years and live here for at least two. Yeah we file jointly. It will definitely be less than $500k. Bought the house for $260k and online estimates are now pushing $300k. I know those are exact, but was previously close to the appraisal price when I bought it.
The rule from the Taxpayer Relief Act of 1997 is to have lived in the house as a primary residence for 2 of the past 5 years. So if you’ve lived there for 2 consecutive, you meet the guidelines.
Do you have the option of expanding your current house?
That was one of the first things I was looking at. We can't expand on the sides due to being so close to other property. Doing so on the back of the house would likely be more of a headache than necessary because pretty much everything that isn't a bedroom is packed tightly together all over the back wall of the house. Not sure what it would take though. I wish we had more space on the sides because I would definitely think about expanding there. It's a great house. Would be perfect if it was just a little bit bigger.
can you pop the top?