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Thread: My Flip

  1. 05-21-2007, 06:30 PM #13
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    Gilligan
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    Default Re: My Flip

    Quote Originally Posted by GUCHI View Post
    can anyone give me some info. on the advantages , if any on selling your primary residence and buying the home you flipped yourself. once we finished the flip we thought this would make a nice home for somebody. and 2months on the market we thought why not sell our primary residence and purchase the flip. i put the house on the classified section of this site.
    thanks for any info. anyone has to offer.
    If you have lived in your primary residence for at least 2 years, you can keep $250k (or half a million, if married) of the profits tax free.

    Source: IRS publication #523, pg 12
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  2. 05-22-2007, 06:30 PM #14
    GUCHI
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    Default Re: My Flip

    thanx gill
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  3. 06-04-2007, 08:36 PM #15
    GUCHI
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    Default Re: My Flip

    will i be able to start picking up the tax free from the very first year ????
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  4. 06-07-2007, 03:59 PM #16
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    Default Re: My Flip

    Quote Originally Posted by GUCHI View Post
    will i be able to start picking up the tax free from the very first year ????
    Guchi,
    I would recommend talking to a tax professional on this. It has been several years since I took a tax course, I need a refresher. It is my understanding that you can count all of your expenses from the first year that you bought the house all the way until you sell it. You take your credit in the tax year that you sell your house.
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  5. 06-08-2007, 12:51 PM #17
    GUCHI
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    Default Re: My Flip

    thanxs gill
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