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January 21, 2012

Will I Be Exempt from Capital Gains?

Filed under: Personal Finance — Tags: — admin @ 5:37 am

I just bought a house a year ago and I know that if you do not live in the house for two years you have to pay a capital gains tax. I lost my job and need to move a few hours away to take a job opportunity in another state. I will be making more money and I found it quick so I pretty much have to go. I am looking for a capital gains tax exemption that might apply to me. I really do not want to pay a capital gains tax and feel like I should not have too. I am not trying to make money on my house but I think I may get an extra 10,000 dollars out of it. I spent months working on that house to make it perfect and think I should be able to keep it all. I hope I can find a loophole.

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