General Question

skfinkel's avatar

If selling a house, and making a profit, would it be worth while to wait for next year with a lower working income, or does it not matter?

Asked by skfinkel (13478points) June 11th, 2007
I will be selling my house (owned for 30+ years) and hope to make a good profit. I will also work less beginning in January. Would it make sense to defer the final sale of the house until next year when my income will drop, or is this house sale separate from earned income--as far as taxes go?
Observing members: 0 Composing members: 0

2 Answers

gailcalled's avatar
Your situation is complicated by not having lived in the house for part of the last 5 yrs, and having been married for much of the 30 years. Here's a site; but you need to talk to a CPA or local attorney for fine tuning. Profit (after you deduct the one-time $250,000 is considered capital gain. http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm
skfinkel's avatar

Thanks. That was a useful reference.

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther