Basic query about deduction



I have 2 questions:

1) Suppose I bought a home for $40000 30 years ago. I then buy a new home
for $200,000 on 3/1/06. I finally sell my old house for $140,000 on 6/1/06.
OK, now there is a $100,000 gain on the old house. Does this still get
deferred since I bought a new home or do I just use the Capital Gain
Exclusion (RE: 2006 taxes).

2) Given the previous scenario, it means I have been paying property taxes
for TWO homes for a 3-month period. Can I deduct all property taxes
(assuming I itemize). The first house is paid for, so there is no interest
deduction on that.

Mel


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Relevant Pages

  • Re: Basic query about deduction
    ... > Exclusion (RE: 2006 taxes). ... > 2) Given the previous scenario, it means I have been paying property taxes ... Can I deduct all property taxes ... The first house is paid for, ...
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  • Re: What a wonderful thought...
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    ... We bought our house in Lancaster for $40,000 thirty-plus years ago. ... We hardly pay property taxes at all on that one. ...
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  • Re: OT: taxation (was Re: Mountains Rush and Moore)
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