title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Sunday, January 16, 2005
 
Sale of land next to home

Q:

Good Evening;
 
I would like to know if this qualifies as a resident. I just signed a Purchase and Sales on my property. I have a parcel of land that was always included as pert of my primary residence. I sold same aprrox 2 mos ago. I would like to know where I have been living here in my home along with the parcel of land as part of my home, would that qualify as 2 yrs in the primary residence which would cover me from paying capital gains on said property?

 

A:

From the way you described this, as long as both sales take place within two years of each other, you should be able to count them both as the sale of your primary residence, which would qualify for the tax free exclusion.

Check out the section called "Vacant Land" on my page describing residence sales to see if your case matches this:

Good luck.

Kerry Kerstetter


- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/16/2005 12:49:00 PM Send this post:

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