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Capital Gains
Posted on 1/5/17 at 3:02 pm
Posted on 1/5/17 at 3:02 pm
Sorry, I'm sure that this topic had been covered many times but ...
Built and moved in new house 21 months ago. Cannot sell old house. Thinking of selling new house and moving back into old house. Will I be facing and tax problem ?
Built and moved in new house 21 months ago. Cannot sell old house. Thinking of selling new house and moving back into old house. Will I be facing and tax problem ?
2
Posted on 1/5/17 at 3:05 pm to sw0099
I think it's under 2 years on a personal residence and you do have to pay. That being said you'll only pay on any profit you make so it's not likely to be a ton unless you built it really cheap and the price inflated really fast.
Posted on 1/6/17 at 10:23 pm to tigereye58
Yep. Just wait 3 more months and your profit is tax free up to 250k for single, 500k for married.
Posted on 1/7/17 at 11:14 am to sw0099
Where is your old house? How much are you asking, and what are the comps in the area?
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