buy or refinance?

does anyone have an article on this? i was curious about capital gains tax, and if closing fees occured during the buying and selling of these homes. we're thinking either to refinance or buy and sell. i dont' know what to do!

Message edited 6/28/2007 3:54:49 PM.

Re: buying and selling..

I know that if you sell before two years, you have to pay capital gains tax. If you search capital gains tax we had a post a while ago that had a lot of good information.

Re: buying and selling..

A capital gain on the sale of a principal residence is afforded special treatment for Federal income tax purposes. Married sellers of a principal residence may generally exclude up to $500,000 of gain ($250,000 of gain in the case of single individuals) from gross income, provided the real estate was used as the sellers' primary residence for at least two years during the five year period ending with the date of the sale.

http://en.wikipedia.org/wiki/Capital_gain

Re: buying and selling..

would u all refiance a home to put what u want in it or buy a house with the stuff already in it?

Message edited 6/28/2007 10:30:51 PM.