Kentucky Homeowner

MortgageMaster,

I'm in search of some mortgage regulations for the state of kentucky. My primary question is, how long must i be in a home before i can re-sell it? also, questions relating to that with regards to taxes, etc. if i'm in a house for a year and a half, what willhappen when i sell it? is there any fine/fee/ are any gains taxable?
if yuo have any answers, or a reliable location wherei might find them, i would greatly appreciate it.
Regards,Jeremy

Hi Jeremy,

You need to speak to a CPA. I AM NOT OFFERING THE FOLLOWING AS ADVICE, BUT SIMPLY MY OBSERVATIONS OR KNOWLEDGE. PLEASE CONFIRM WITH A TAX PROFESSIONAL: Generally, there are no taxable gains on a property (if < $250k/individual or <$500k for a couple) as long as you have lived in that property for at least two of the past five years, cumulatively). Thus, it makes sense to me that 1 1/2 years may have create a taxable event (it is less than two years, altogether). I am not sure if Kentucky has anything different from the above.

MortgageMaster