RE:RE:RE:RE:RE:Not quite as bad as feared..QUIN - You're right. If you're not in the house flipping business it shouldn't be hard to hold on to your home for 12 months. I wonder, if you sold your home in less than 12 months under these new rules, and incurred a loss on the home, I wonder if they'd give you a credit to carry forward against future gains. Although there's not much chance of losing money on a home purchase these days...
Quin wrote:"Yup the business tax thing could easily pull 6 digit tax amounts.
Owners in the past could only claim one primary resisdence per tax year which is 12 months.
Both of these are easily avoidable buy not selling your home in twelve months after you bought it without a very good reason. Honeslty, if you are not in the business of flipping, why would you?
GLTA"