michigan foreclosures for sale
Is there a break for people whose house have only been sold after three years?
Currently, when you sale your old home and move to a new home, Capital gains can be rolled over to your new home. But it depends on your primary residence. For example, one has to be a primary resident for at least two years in the old home out of the 5 years since the property was sold. Unfortunately for me, because of the bad economy in Michigan, my house sold after 3year and 6 months and hence I do not qualify to roll over my Capital gains. The Govt. is giving help to people in trouble with foreclosures, and for new home buyers but no help for people in situation like mine.
I think you need to re-read the tax laws concerning capital gains on homes. You are not clear in how long you lived in the home you sold, but if you’ve owned it for at least two years, you may well qualify for simply ignoring capital gains, with no roll-over required. Consult a tax professional.
