All Forum Posts by: Chance Calhoun
Chance Calhoun has started 4 posts and replied 16 times.
Post: What are the taxes on selling my home?
- Woodinville, WA
- Posts 21
- Votes 6
Quote from @Bill B.:
I would say you only qualify for tax free gains on the percentage that was your primary. (Imagine living in half a duplex. And then selling.). But, it could certainly vary based on how your CPA filed your taxes. There could/should also be some depreciation recapture.
No matter what you do make sure you live there at least 2 years to qualify for partial exemption.
Thank you!
Post: What are the taxes on selling my home?
- Woodinville, WA
- Posts 21
- Votes 6
Hello!
My wife and I own a home in Woodinville, WA and next year will be our second year owning the home. We plan to sell and use the $500k exception to the capital gains taxes because we lived there for two years.
Our house has a main part of the house and a MIL apartment in the basement. We have lived in the MIL and rented the rest of the home. We sort of house hacked this property.
My question is, does the fact that we rented the home exclude us from being eligible on not paying taxes on the first $500k proceeds from selling after two years?
We thank everyone in advance for their help!
Post: FHA Loans refinance
- Woodinville, WA
- Posts 21
- Votes 6
Post: Tacoma, WA Wholesaler
- Woodinville, WA
- Posts 21
- Votes 6
let me know if I can be of help in any way!
Thank you!
Post: Tacoma, WA Wholesaler
- Woodinville, WA
- Posts 21
- Votes 6
Post: New Beginning Investor from Kirkland (Seattle), WA
- Woodinville, WA
- Posts 21
- Votes 6
Post: Newbie from Seattle, Wa and First signed contract
- Woodinville, WA
- Posts 21
- Votes 6
Welcome Josh! Congrats on your first contract!I am a local wholesaler and I also find BP to be a tremendous resource! I love how active the forum is. I look forward too hearing about the progress you make with the house.
Best of luck!
Chancy
Post: New Member in Seattle
- Woodinville, WA
- Posts 21
- Votes 6
Welcome Eric! I am a local wholesaler and I have to say that BP has been an extremely valuable resource for me. Hope to see you around.
Post: Wholesaling/fix and flip Seattle
- Woodinville, WA
- Posts 21
- Votes 6