When did we list our house for sale?

We listed our house for sale in the middle of the Great Recession, and housing prices had dropped substantially since we bought our home. The real estate inventory in our market was flooded with foreclosures and other homes (there was a 15-month inventory on the market when we listed our home for sale).

How long did it take to sell your second home?

It took us 7 months from the time we listed our house until the time we finalize the sale, and we lost just over $50,000 on the transaction. The second home sale was more recent, coming in 2019. We purchased this house right after selling our home at the end of 2010. We bought in early 2011 and lived in that home for 8 years.

Can a assessee sell more than one house under Section 54?

There is no restriction placed in section 54 which restricts exemption only in respect of sale of one residential house. Even if assessee sells more than one house in the same year and the capital gains is invested in a new residential house, the claim of exemption cannot be denied if other conditions are fulfilled.

When did we lose money on our house?

What was the value of my house before marriage?

Let us assume for our hypothetical, the house as of the date of marriage on June 1 was worth $1 million and the mortgage on the house was $500,000. That means the house as of the date of marriage had an equity value of $500,000. Let us now assume the house today is worth $1.2 million dollars.

Can a husband sell a house on his wife’s behalf?

With a power of attorney, the husband can consent to the sale of the home on his wife’s behalf. In many states, including California, a wife may sign a quit claim deed or a grant deed, which in effect relinquishes her ownership of the home.

Is it legal to own a house before marriage?

Owning a house before marriage of course means it is premarital property. It also does mean you should have a separate property interest in it during divorce. However, it is the next set of questions that complicate the issue. How much is your separate property interest in the house you owned before marriage?

When did we lose money on our first home?

M y wife and I sold our first home in 2010, and unfortunately, we lost a lot of money on the transaction. It took us 7 months from the time we listed our house until the time we finalize the sale, and we lost just over $50,000 on the transaction. The second home sale was more recent, coming in 2019.

What was the original value of my house when my husband died?

Your half of the house is still at its original tax basis of $150,000 (half of the original $300,000 purchase price), but your husband’s half of the house stepped up to $275,000 when he died (half of the house’s value on the day he died of $550,000). Add $150,000 to $275,000, and you get $425,000 as the tax basis of your home.