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Article: Capital gains tax likely due after sale of summer home
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- February 16, 2002
- Author:
CopyrightCopyright 2002 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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AVRUM D. LANK
Capital gains tax likely due after sale of summer home
By AVRUM D. LANK
of the Journal Sentinel staff
Saturday, February 16, 2002
Q: We own a little summer property in north central Wisconsin and
are contemplating selling it. We have owned it for 25 years, and the
gain would be about $100,000. It has just been a summer place, used
for fun and relaxation. What will the tax liability be on the
$100,000?
J.B., Brookfield
A: If a couple sell their "primary residence," as much as $500,000
in capital gains is tax-free. For a house to qualify as a primary
residence, they must have lived in it for a total of 24 months in the
five-year period prior to the sale. As Wisconsin summers do ...