What age do you not have to pay capital gains?

The over-55 home sale exemption was a tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion. The seller, or at least one title holder, had to be 55 or older on the day the home was sold to qualify.

How do I establish the cost basis of a house I built 30 yrs ago as a second home?

How do I establish the cost basis of a house I built 30 yrs ago as a second home? Diligently. Your cost basis is the cost of the land, materials, and labor you paid for. Plus other required legal costs such as for permits, inspections and surveys. If you don’t have your records, you have a problem.

When did our friendly neighbors sell their house?

Four years after we bought, our friendly neighbors sold their house to a jerk. For the last eight years we have co-existed, allowing him to park a car also encroaching on our property.

Can you buy a plot of disappointment after buying a house?

You can buy a plot of disappointment. It’s never easy to bounce back from purchasing a house you quickly wish you hadn’t bought. You’ve moved in. You may have nowhere else to go. You’ve not only spent a lot of money, but a lot of time and energy. And the law is not necessarily on your side.

Can a defect have started before you bought a house?

But if the problem could have started before you bought the house, keep reading. It’s not an obvious defect that you could have seen yourself before buying. If there was a huge crack running across the living room ceiling at the open house and you’ve only now decided to bring it up, no dice.

Four years after we bought, our friendly neighbors sold their house to a jerk. For the last eight years we have co-existed, allowing him to park a car also encroaching on our property.