In response to:

Will You Have to Pay Capital Gains Taxes on the Sale of Your Home?

Ken2523 Wrote: Feb 21, 2013 12:33 PM
As a final slap, not only is the government gettting a fortune from me from my supposed capital gain but is socking me with an extra $7000 alternative minimum because apparently just getting 15% of a capital gain isn't enough for them since my supposed profit pushed me into the demonized top 1% for the year.

Dear Carrie,

Two and a half years ago, my husband and I moved from a home we had owned and lived in for 10 years. At that time, we bought a new house and have been renting out the old one. Will we have to pay capital gains if we sell the old house? --A Reader

 

Dear Reader, Great question -- and good you're asking it now. That's because, while there are generous exclusions allowed when it comes to capital gains on the sale of a home, timing is crucial, and the clock is...