|capital gains tax experience||<– Date –> <– Thread –>|
|From: PattyMara (PattyMaraaol.com)|
|Date: Mon, 20 Jul 1998 22:09:01 -0500|
Hi List, Does anyone out there have experience with capital gains tax on sale of one's principal residence? Our situation is this: two households sold their homes nearly two years ago, with the projection from our cohousing group, and later our contractor, that our project would be built by May of this year, giving them a comfortable margin to avoid the two year deadline to purchase their next home, and thus avoid capital gains tax. Since then of course, the tax law has changed, but the members are still bound by the old law since they sold before May of 1997. Long story short: delays in architectural plans, county planning requirements and heavy winter rains extended the construction phase so that we are looking at first move-ins in late summer, possibly just missing the capital gains deadlines. Has anyone had the same experience and is there any recourse from the IRS? The intentions of both households are very obvious-they've been involved in the development process for over 5 years with the clear intention of reinvesting the profit of the sale of their former homes into their new cohousing homes. Any suggestions? All of our attempts to contact the IRS have been frustrating since no human seems to answer their information lines, just recorded information droids. Thank you, Patty Mara Gourley Tierra Nueva Cohousing, Central CA Coast, where we are sold out, with one remaining unit becoming available soon due to the recent death of a beloved elder. We are all grieving her death, which was unexpected, but swift and graceful.
Results generated by Tiger Technologies Web hosting using MHonArc.