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View Full Version : Proceeds from Sale of Home prior to going full-time



TxCowboy
08-20-2015, 08:00 PM
This is a tax question that I'm researching but I thought I'd throw it out here for conversation. :)

For those that sold their SnB homes prior to going full time, were you able to apply the Capital Gains (proceeds of your home's sale that exceeded your home's purchase price) to purchasing a new RV and -- here's the important part -- avoid paying all or part of the Capital Gains Tax since the RV is now your primary dwelling?

Was talking to another RVer last night over a few beers and we're both just a couple of years away from doing the above.

Looking forward to your comments and insights on this topic!

wrgrs50s
08-20-2015, 08:49 PM
There are no capital gains if you lived in the home as your principal residence for 2 yrs and do not profit more than $500k if married and $250K if single.

GOTTOYS
08-20-2015, 08:56 PM
I don't doubt the information given is correct but if I need tax or legal advice I think I would best be served by going to an Accountant or Attorney not an RV forum...but that's just me....Don

TxCowboy
08-20-2015, 09:29 PM
There are no capital gains if you lived in the home as your principal residence for 2 yrs and do not profit more than $500k if married and $250K if single.

That's what I was looking for. Thanks! :)

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I don't doubt the information given is correct but if I need tax or legal advice I think I would best be served by going to an Accountant or Attorney not an RV forum...but that's just me....Don

No worries. This information is supportive of similar information I found through the IRS website.

wdk450
08-21-2015, 10:04 AM
If you put your money into an IRA, get advice about putting your money into a non-taxable IRA with guaranteed fixed annuity type returns. Taxes (and big stock market declines) ate up a most of my conventional IRA in just 5 years.