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Capital Gains Tax
Posted by: Noah ()
Date: September 27, 2006 03:42PM

What is the law for capital gains tax in VA. Do I have to be in my primary residence for 2 years before selling? If it's before two years I have to pay? I'm a bit confused.

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Re: Capital Gains Tax
Posted by: § ()
Date: September 27, 2006 03:59PM

First it must be your principal residence. Second. you must live there an aggregate of 2 years out of the previous 5 years. Lastly, your exemptions are $250k for single and $500k for married / joint ownership.

If these criteria are not met, you will be taxed the captial gain of the difference between your original purchase price (stepped up basis included) and sales price minus the $250k/$500k exemption (i.e.: single and gain of $270k means you will be taxed on only $20k @ your tax rate plus 15% cap. gain rate if I'm not mistaken. -§

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Re: Capital Gains Tax
Posted by: The Economist ()
Date: September 27, 2006 04:03PM

Fucken government.

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Re: Capital Gains Tax
Posted by: Just another fact ()
Date: June 09, 2020 10:28PM

.

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Re: Capital Gains Tax
Posted by: Conforming ()
Date: June 09, 2020 11:32PM

Virginia tax law generally follows Federal tax law. If you don't qualify for the Federal exclusion you won't qualify for one from Virginia.

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