Re: [CANSLIM] Homebuilders

From: RWElmer@aol.com
Subject: Re: [CANSLIM] Homebuilders
Date: Thu, 6 Jun 2002 01:22:29 EDT

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Hello Richard,

You only have to have owned a house for two years, if you've lived in it 
during that entire period, before you qualify to sell without capital gains 
(subject to the limits of course). The five year rule comes into play if you 
were to, say live in it the first year, rent it out for the next three, then 
live in it again the last year. You would still qualify. Any combination 
would work (any 2 out of 3, 2 out of 4 , etc.), as long as it's two full 
years and within the last five. 

Since I am in the Industry, I need to put the legal disclaimer in to Contact 
your Real Estate Attorney for verification. But I have had clients who have 
bought a house on the cheap, lived in it while they're fixing them up, then 
flipped it as soon as the two years were up. Of course this is a recent 
phenomenon, as the law changed a very few years back.

Hope that helps.

Robert W. Elmer
Coldwell Banker First Shasta
2837 Bechelli Ln.
Redding, CA 96002
RWElmer@aol.com
221-9556 or 1-800-348-7939 ext.156
www.robertelmer.com

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<HTML><FONT FACE=arial,helvetica><FONT  SIZE=2>Hello Richard,
<BR>
<BR>You only have to have owned a house for two years, if you've lived in it during that entire period, before you qualify to sell without capital gains (subject to the limits of course). The five year rule comes into play if you were to, say live in it the first year, rent it out for the next three, then live in it again the last year. You would still qualify. Any combination would work (any 2 out of 3, 2 out of 4 , etc.), as long as it's two full years and within the last five. 
<BR>
<BR>Since I am in the Industry, I need to put the legal disclaimer in to Contact your Real Estate Attorney for verification. But I have had clients who have bought a house on the cheap, lived in it while they're fixing them up, then flipped it as soon as the two years were up. Of course this is a recent phenomenon, as the law changed a very few years back.
<BR>
<BR>Hope that helps.
<BR>
<BR><B>Robert W. Elmer
<BR>Coldwell Banker First Shasta
<BR>2837 Bechelli Ln.
<BR>Redding, CA 96002</B>
<BR></FONT><FONT  COLOR="#0080ff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>RWElmer@aol.com</FONT><FONT  COLOR="#000000" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>
<BR></FONT><FONT  COLOR="#0000ff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>221-9556 or 1-800-348-7939 ext.156</FONT><FONT  COLOR="#000000" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>
<BR></FONT><FONT  COLOR="#800080" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>www.robertelmer.com</B></FONT></HTML>

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