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| *The Commerce Journal>>>Canada Taxes |
Length of time for no capitol gains tax sale on primary home? |
Length of time for no capitol gains tax sale on primary home? In Canada, if you have designated this home as your primary residence since you bought it, there is no capital gains tax. If it is not designated as your primary home for the entire time, i.e. you had another house you lived in, some of the capital gains is taxable (depending on how long it was not your principal residence) You must live in a house for two years. I can't remember the amount you can write off. Call IRS to be sure. The amount changes every few years. Been there done that. When the Taxpayer Relief Act of 1997 became law, the rollover (or once-in-a-lifetime) options were replaced with current per-sale exclusion amounts. If you meet the two-year ownership of a primary residence, pass tests for a principal residence, and don't sell more than one principal residence in any two-year period, you can exclude any capital gain tax on the sale (up to the $250,000 for single or $500,000 for married). In the United States, a single homeowner may exclude the entire gain on the sale of his/her primary residence up to $250,000. Married couples filing jointly may exclude up to $500,000. This exclusion applies whenever the property in question has been the primary residence for a minimum of two years. |
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