how long person can keep profit made from sale of house before it is taxed?
90899
The basic rule is if you've lived in a home for two of the past five years, you will NEVER have to pay taxes on the first $250,000 of profit ($500,000 if married and filing jointly) when it's sold.
1109624
Depends on the state, type of loan, if it was a tax sale etc.\n\nIn the most common in the west a deed of trust they can evict you at any time.  If you had a mortgage it could up to a year and for tax sales seems like at least 6 months to a year.\n\nEmail me off forum and I can give you some other ideas if it wasn't a deed of trust
868747
yes stay there until the judge decided what you will happen with the property you lvie in depending if you're finghting the house but meanwhile- you should stay there.  FI it gets sold- you should get the portion that the judge says weither 1/2 or certain %.  Stay there
1120802
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
1106673
if you can agree with the buyer you can set anyday to move out. its up to you and the buyer
794703
Not if he pays off the tax lien certificate.   Many states sell such tax certificates.  The certificate buyer pays the tax & the owner must then pay buyer the tax plus some amount of interest -- which may be fixed or varied depending on state law.  He only has a fixed period of time to do so or the buyer will indeed get the house or force a tax lien sale (depending on state law).  The time varies.  For instance in Fla. tax certificates are sold on June 1st following the year the tax is due and the buyer must then wait 2 years from the date of sale to foreclose; so a delinquent taxpayer has some 30 months to pay the taxes -- tho' there is by then a pretty big interest bite (as much as 18% per year).
927329
Taxes due would depend on what you sell it for.  The privacy fence and storage shed would be added to the cost of the house.  The cosmetic repairs would not be.  So you have $127K into it.  The difference between that and what you sell it for (net - you get to subtract items like realtor's commissions that you pay) is your gain.  \n\nFebruary isn't far off, so hanging in there until then makes sense.  Staying a year would make your gain long-term.  You're probably in the 15% bracket, which would mean your long term capital gain would have 5% tax applied.  So if, for example, you sold your home for $150K and paid real estate commission of $9000, you'd have a gain of $150K - $127K - $9K, or $14,000, and your tax on that would probably be $700, which isn't all that bad if you really hate it there.\n\nYou'd have to stay two full years to avoid capital gains taxes at all, and doesn't sound like you want to do that.  There is a little bit of an out here - if you move to a different area and can legitimately claim that the move was due to taking a new job, you can exclude some of the gain - basically, if you lived there a full year, you could exclude half of the gain, and just pay tax on the other half.  But if you're retired, you don't have that option.\n\nWhat you still owe, and what it is or was appraised at, make no difference to the taxes you'll pay.\n\nGood luck on selling your house quickly and at a good price.
451536
The normal exemption is $250,000 ($500,000 on a joint return).  However, there is a 2-year residency requirement.  If you have lived in the home for less than 2 years but are moving due to a change in place of employment, you may be entitled to a reduced exemption.  The reduction is proportional to the amount of time by which you fall short of 2 years.  So, if you satisfied 80% of the holding period, your exemption would be $200,000 (or $400,000).
615611
How long a property that is listed for sale has been on the market.
990612
Was that house ever your principal residence in the last 5 years, for 2 years or more?  You get a huge tax savings if it was.  You really need to talk to either a good real estate person or an attorney/CPA and find out the tax consequences.  If it was your principal residence, you do not pay capital gains on the profit you make on the house.  If it wasn't your principal residence for 2 of the last 5 years, you do have to pay profit on the sale.  It can be complicated, you need advice from someone in your area, not a bunch of strangers off the internet.  Good luck!
1094659
AS far as I know, you have to pay taxes on the sale if you make a profit of $500,000 or more on your house, not otherwise.
300668
Yes and no.\n\nGenerally speaking, for individuals there is a $250,000 tax exclusion and for married couples, there is a $500,000 tax exclusion.  If your gain from the sale of your house is less than these limits, you may not have to report the sale on your taxes.  If the gain from the sale of your house is more than these respective limits, then you will have a taxable gain.\n\nHowever, there are minimum requirements for living in the home to qualify for these exclusions.  For instance, within the 5 years prior to the sale of the home, you must have lived in the home as your primary residence for at least two years and you must have owned the home for a minimum of two years.\n\nI don't think there are any age restrictions or limitations or exemptions.\n\nAnd this is currently not a one time event.  As long as you meet the minimum ownership and residency requirements, you can qualify for the exemption.  This may mean that you could buy and sell a house every two years (full calendar years) and qualify for the exemption.\n\nBut tax laws are always changing. For more accurate and up to date information about your particular tax situation, consult the IRS documents and/or a professional tax consultant.  I am not a professional tax consultant so my advice should not be considered a trusted source.\n\nhttp://www.irs.gov/individuals/article/0,,id=132621,00.html\nhttp://www.irs.gov/businesses/small/industries/article/0,,id=98921,00.html
700012
It all depends on the price you purchase it for. If you purchase 30-40% below market then you can make an instant profit. If you purchase close to market ; you should hold on to it for  few years then sell.
27709
We recently purchased a new house and wanted to sell, and reinvest the money into a new one... we called the IRS directly to find out if we'd be charged a capital gains tax, and the answer was yes.  If you sell your primary residence within 2 years, you will be charged a capital gains tax.  However, there could be good news...\n\nLast year if you made 49,5k or less you were only charged a 5% capital gains tax.  If you made more than that, you would be charged 15%.  To help maybe smooth the hit over on your $35k taxes...\n\nYou subtract legal, agent, long-term house upgrades from that number and only claim that as profit from the sale.  So if you made 35k from the sale, but your agent's fees were 10k, legal were 5k and house improvements to the old house were 1k, you would only claim 19k.  \n\nPlease, please please double check this with the IRS and/or your accountant.\n\nOh - and if you moved because you either lost your job, or relocated to a different state (and there are some other things), you could be exempt altogether from the tax.\n\nGood luck!!
486912
Any profit you make will be counted as income unless you buy another house within a set period of time.
1170442
You have to pay taxes on gains over 250K for an individual or 500K in your case. In calculation of the gains you can also deduct all the improvements you made.\n\nYou do not have to pay any taxes if you lived in the house for over two out of five years prior to it's sale and your gains are less then stated above. So, sell now, and good luck.
425838
If you have owned and lived in your home for over 2 years then you may be able to exclude from income all or part of the gain.  \n\nHere is the info you are looking for.  \n\nhttp://www.irs.gov/taxtopics/tc701.html\n\nCan also find more info here:\nhttp://www.irs.gov/pub/irs-pdf/p523.pdf