- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If you purchase a home, put down 20k, sign a purchase agreement and register with the city on a land contract for 3 months
And then get a mortgage 3 months later. If you sell the home at two years and want to avoid capital gain or receive the capital gain exemption, what is considered the start of the 2 year exemption? Th
Topics:
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If you purchase a home, put down 20k, sign a purchase agreement and register with the city on a land contract for 3 months
Generally, the time period begins when you actually start using the home as your residence. The home will have to have been your home for at least 2 years during the past 5 years for you to qualify for the capital gain exclusion
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If you purchase a home, put down 20k, sign a purchase agreement and register with the city on a land contract for 3 months
So from the moment I lived in the home even on land contract it still counts toward the 2 year requirement. I was curious if it only counted if the house was mortgaged in my name.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If you purchase a home, put down 20k, sign a purchase agreement and register with the city on a land contract for 3 months
The IRS will look at your address, voting records, things like that for your residency period. You have the two years from living there.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Make a post
Or browse the Forums