I have a question not related to politics

[Born_a_Democrat]

I have a question or two for anyone familiar with the Capital Gains laws and how they apply to selling your own house.

I've already looked up a lot of info on this so I am familiar with some of the information but I would sure appreciate someone that I could ask questions instead of just reading material...If anyone here is pretty familiar with this topic please PM me and we can take it off the boards.

Thanks,
Mike

[Kolesar]

1. this would be fine in the economics forum

I have a simple answer: there is no capital gains tax if you have held your house more than 2 years. The law was changed just a few years ago.

You should be able to get an absolute answer at www.irs.gov , you can call the IRS, too. They are not as busy in September as they are in March and April.

[dawg]

2. assuming your gain is less than $250,000 ....

$500,000 for a married couple.

[damnraddem]

3. All I know is:

when Dubya passes a capital gains tax change, capital gains.