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Message
re: Suburban NYC real estate profit
Posted on 6/24/15 at 8:29 pm to yellowhammer2098
Posted on 6/24/15 at 8:29 pm to yellowhammer2098
quote:
You'll also have to pay some fairly large taxes on that gain if you only hold the property for 5 months..
If he declares it his personal residence before selling, there is a capital gains loophole. That is a can of worms though
2
Posted on 6/24/15 at 9:13 pm to GenesChin
Do you not have "occupy" for at least two years?
Posted on 6/24/15 at 10:00 pm to GenesChin
quote:
If he declares it his personal residence before selling, there is a capital gains loophole.
He'd have to live there for around two years (pretty sure it's two years)
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