All Forum Posts by: Jonathan Sammarco

Thanks Everyone - 

And to confirm - I need to be sponsored by someone to get my license, I can't simply get my license to have it? 

Another potentially dumb question for the forum - I took the appropriate classes and pass the realtor exam 5 years ago and received a license. I never renewed or paid the necessary dues as I was out of the game. 

Question: what do I need to do to obtain a license today? Simply pay dues? Take the exam again? Do the entire process from start to finish? Any guidance would be much appreciated!

Jon

Thank you

I see..... 

https://www.irs.gov/pub/irs-pdf/p523.pdf

@Natalie Kolodij Page 17 section B of section 5 (determine your exclusion amount) - Take the number of days in the last 5 years that youve used as primary residence, say 657 for example. 

Divide by 730 = .90%

its asks that you use the 90% and multiply by 250 to calculate your non married exclusion limit.

Am i reading this wrong?

@Mindy Jensen @Wayne Brooks @Natalie Kolodij

Hey All - Thanks for the responses. Wayne & Natalie - I've been trying to confirm this issue for some time now and I fell across the attached IRS document and if I'm reading it right, page 17 exert b. claims that If i've lived in the house for less than 2 years, I can indeed prorate it by the number of days lived in the house out of the 730 days in a 2 year period. Then multiply that portion by 250K to get an exclusion amount on my taxes...... So I DO think it matters how many days I've been in the house. https://www.irs.gov/pub/irs-pdf/p523.pdf

Mindy - the reason I want to sell now is that I may only make 200K in profits, 80% of the 250K exclusion limit, SO if I can just make it to the 80% of days 370 * .80 = 296 ------ I would not need to make it the extra 3 months of paying a high mortgage while being able to write off all the gains. 

Ive asked this question to 20 people and nobody has s definitive answer which is bananas to me.

https://www.irs.gov/pub/irs-pdf/p523.pdf

Thanks again, 
JOn 

50% was for calculations sake. 

So if I live in it for 1 year and 1 day or 1 year and 360 days I pay the same amount in taxes? 

If I were to sell on both those days with the same gain. 

I'm sure this has been discussed, but I lived-in a house (primary residence) and flipped it, Its been about 15 months and anticipate putting on the market in the next 60 days. Which would put me under the 2 year period to avoid taxes. Ill be making a profit. 

My question simply is, do the taxes get prorated? Do I only pay taxes on 7/24 (7 months under the 24 needed to avoid taxes) - So profit of 100K cap gains tax is 50% - $50K multiplied by 29% (7/24) = $15K in taxes rather than $50K. Am I viewing this correctly. 

Any guidance would be appreciated. 

I guess the title should be 17 months after purchase