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GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
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Seeing w/in 2 years of ownership...
Does anyone know the penalty? We live in NJ and have been in our townhouse for 17 months. I here different things from different people. Just trying to figure out if its worth waiting until we've been here 2 years. Thanks.
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Posted 6/2/06 11:59 AM  |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Seeing w/in 2 years of ownership...
If you have an accountant or can get in touch with him and give him all of the details they can provide you with a pretty accurate figure as to the tax penalty you will incur.
Yes, capital gains kicks in and can erode any or all of your profit depending upon how much your house has increased in value.
The majority of the time it's not worth it and you would be better off waiting until the two year mark.
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| Posted 6/2/06 12:36 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Seeing w/in 2 years of ownership...
Posted by GraciesMom
Does anyone know the penalty? We live in NJ and have been in our townhouse for 17 months. I here different things from different people. Just trying to figure out if its worth waiting until we've been here 2 years. Thanks.
Where in NJ are you?
I sold my condo that I was only in for 18 months...and I had to pay capital gains on the profit since I wasn't here for 2 years. I was told that if I used the profit to roll into a new downpayment it wouldn't effect me...but that was wrong.
When I met with my new accountant (after the fact of selling the condo), he informed me that the rule is about 10 year out of date.
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| Posted 6/2/06 1:04 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Seeing w/in 2 years of ownership...
Message edited 1/30/2009 2:14:13 PM.
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| Posted 6/2/06 1:07 PM |
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GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
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Re: Seeing w/in 2 years of ownership...
Where in NJ are you?
I sold my condo that I was only in for 18 months...and I had to pay capital gains on the profit since I wasn't here for 2 years. I was told that if I used the profit to roll into a new downpayment it wouldn't effect me...but that was wrong.
When I met with my new accountant (after the fact of selling the condo), he informed me that the rule is about 10 year out of date.
I live in Scotch Plains. How much is capital gains tax? Does it depend on your income bracket? I'm thinking maybe we should wait. Thanks for your reply.
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| Posted 6/2/06 4:03 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Seeing w/in 2 years of ownership...
I would wait- its just not worth it in my opinion.
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| Posted 6/2/06 4:04 PM |
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GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
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Re: Seeing w/in 2 years of ownership...
Thanks everyone. I need to speak to DH. We are currently in a 2 bedroom townhouse and are expecting baby #2 and were hoping to move before the baby comes. I think we can manage with the space we have for a little longer. Thanks again to all that replied.
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| Posted 6/2/06 4:07 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Seeing w/in 2 years of ownership...
if you have already been it in 17 months, you are definitely better off waiting!! closings can take a few months, so even if you wait a month or two before putting in on the market, by the time of the actual sale date - you should be over the 24 month mark.
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| Posted 6/2/06 4:08 PM |
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