I am selling my home (within 2 years) because my employer is relocating out of state.
203321
The normal exemption is $250,000 ($500,000 on a joint return).  However, there is a 2-year residency requirement.  If you have lived in the home for less than 2 years but are moving due to a change in place of employment, you may be entitled to a reduced exemption.  The reduction is proportional to the amount of time by which you fall short of 2 years.  So, if you satisfied 80% of the holding period, your exemption would be $200,000 (or $400,000).
222366
if you are not sure whats happening, i would check with an attorney-if money is tight, see if you have a law school in your city, or a nearby city-they might have a legal clinic there- i would not wait till the last minute- i would check with the mtg co one last time- see if you can talk to the person who is handling your case- their mgr or superior or the company president or executive vice- president- you need a straight answer-yes or no- today- and if the answer is not yes- then call the law school's legal clinic asap- and make them aware of the sale date of june 8th- get some help on your side asap- dont sell the house, try and save it- if you know a CPA they might be helpfull also- see if the leader of your church can help, by calling the mtg co president to get a straight answer- as a clergy member, they might listen to them more than to you- though frankly, if it has taken you 3 weeks of calling repeatedly, to talk to the person in the mtg co, that is handling your case, without getting a straight answer- i would only waste 1 more day trying to speak to an executive of the mtg co, before going to a legal clinic or CPA for help ASAP- if i can be of any help- please holler back at me- i am a retired CPA & CFP & Independent insurance broker in fort worth, tx--good luck to you !!!
293867
call your lawyer.\n\ni would imagine that if you are selling your home..any profit you make will need to pay off the chapter 13....but..im not a lawyer.
625598
contact a local realtor, at any office. they should be able to refer you to the appropriate person (attorney, county office, etc), and give you some free advice regarding this matter.\n\nhope this helps!
542947
If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years.\n\nTo qualify for this exclusion of gain, you must meet ownership and use tests.\n\n    *Ownership Test: During the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years.\n\n    *Use Test: During the 5-year period ending on the date of the sale, you must have lived in the home as your main home at least 2 years.
101318
Live in the home for 2 years. You can also sell the home and buy another rental property. Its called a like exchange. Those are the only two Ways that you can get out of paying capital gains. If you don't want to do that make sure you add everything you have ever done to the rental property in the last 8 years to the basis of the house. (landscaping,repairs,trips to check on the property and to sell etc.)
636669
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
224928
Some banks have inhouse appraisers and you might try that route if you are going to be moving.  There is more job security if you are just transferring from one bank to another.
66950
Yes and no.  By the way, I am a real estate agent in Texas, although currently not active. Keep in mind also that rules and laws in every state are different.  You can confirm everything I'm going to tell you by talking to an experienced real estate agent or realtor and a real estate lawyer in your state.\n\nWhen you say "trade in", it's not like a car where the same company that sells new cars also buys used cars to immediately resell to someone else.\n\nThere are mobile home sellers who sell used mobile homes who can purchase your mobile home from you at the same time that you are purchasing a new house from someone else.\n\nYou can also find someone to buy your mobile home while you work the deal so that at the same time, someone else is selling you their house that you want to buy.\n\nYou can also sell your mobile home at the same time and to the same person who is going to sell you their conventional house.  Why would anyone who's selling their house to you buy a mobile home from you at the same time?  Good question!  If your mobile home is worth $10,000 and you were willing to sell it to the home seller for $8,000 in return for the convenience of you being able to move out of your mobile home and into their conventional home on the same day, why not, if the house seller felt he or she could make $2000 on the deal for their trouble by purchasing the mobile home from you and immediately turning around and reselling it to someone else for $2000 more than they paid for it from you?  It's also possible that the house seller might be interested in purchasing the mobile home from you and then renting it out to someone else who would want to live there.  Everything is negotiable in home purchasing and of course, the numbers I'm giving here are only examples.  What you negotiate with the home seller can end up very different.\n\nAs long as everything is above-board and legal, there's no problem.  You assure this by finding a real estate agent or realtor who is experienced and can advise you and get everything properly in writing.  You should also let a real estate lawyer oversee the transaction to keep you out of legal trouble.  This is partly the real estate agent's function but a real estate agent is just not as knowledgeable in the law as a lawyer.  And you're dealing in big money, so it's prudent to use both.  You should be sure and deal only with a REAL ESTATE lawyer.\n\nBy the way, if you find a real estate agent who says you can't do what I just told you, I suggest you keep looking and find one who's a little older and more experienced.  And maybe a little more hungry. (Some agents aren't that experienced and others might not want to be bothered with stuff that's out of the ordinary).\n\nAfter all this, as long as you find a bank that will finance your home purchase for whatever amount you need after subtracting the mobile home price from the house price, based on your income and credit rating, your in like Flint.\n\nGo for it!
136642
That's definitely a question best handled by the professionals involved, like your realtor and your attorney. Just don't know, it'll be different from state-to-state. Plz talk to your attorney!
410011
Every property will sell---you have to overcome the potential buyers' objections.  The biggest single objection is price.  If you really need to sell it, you may need to consider a modest profit, breaking even or even a small loss to move your unit.
128699
If the contract allows you to fire the agent/brokerage and you can prove you did so before the sale of the property, you shouldn't be responsible for the commision.  If the contract outlines what the brokerage/agent will do and you can prove they didn't keep their end of the bargain you may be entitled to be released from the listing contract.  Pursue arbitration with the local Board of Realtors.
137259
I would suggest getting an up to date valuation from the company which initially valued the property at 50 to 60 k more. If the valuations are miles apart suggest that you would like to take the valuations to arbitration or contact the valuers institute and ask them for advice.
645791
That depends.  If it was your principal residence, and if you lived in it for 2 out of the last 5 years immediately prior to the sale, then you may exclude up to $250,000 ($500,000 if married filing jointly) in gain from federal taxes.  Excess gains are taxed as capital gains, as is the entire gain if you don't meet the ownership, residency and/or occupancy conditions.\n\nCA law may vary on that.  Consult a tax advisor in CA for full details.
74973
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
43881
You need to talk to your realestate agent and your accountant. There is a program that protects you from this tax. If you buy the new property within  2 years of the sale of the old property, you pay Capitol Gains Tax. It's called Property Exchange and you only pay 25% capitol gains on the balance from one property to the other. Example: you sell for 50,000 and buy for 40,000, you pay capitol gains tax on 10,000.\n\nGood Luck!
67874
They are good deductions if your move had anything to do with employment in another state.  Make an accurate list of all your costs related to the move.