Tax question

johnd192 · #1 04-03-2006, 10:46 AM

I just got married and both I and my spouse own a condo. We are planning on selling both condos. One condo will net 200-210k. The other condo will net 80-90k. If we use all the funds to buy a new house will we owe capital gains tax?
Thanks for any help.

jively · #2 04-03-2006, 10:55 AM

[ QUOTE ]
I just got married and both I and my spouse own a condo. We are planning on selling both condos. One condo will net 200-210k. The other condo will net 80-90k. If we use all the funds to buy a new house will we owe capital gains tax?

[/ QUOTE ]
It doesn't matter what you do with the money.

If you owned your condo and lived in it as your primary residence for 2 out of the last 5 years, then $250,000 of gain is not taxed. If your spouse owned and lived in his/her condo as his/her primary residence for 2 out of the last 5 years, then $250,000 of gain is not taxed.

-Tom

johnd192 · #3 04-03-2006, 01:13 PM

thanks