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Updated 10 months ago on . Most recent reply

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4
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Tyler Brobst
1
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4
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Bought primary house with cash, bought a new primary house with a mortgage,

Tyler Brobst
Posted

I bought a primary residence in October 2023 with the goal of living in it for a little bit and then selling it for a profit. I bought it for 60,000 and have it listed  for 100,000.  I have already moved out of it and am living in a new primary house.  A side note is I have a coworker who was renting the room upstairs an is continuing to rent while its for sale. 

With the 40,000 profit is there anything I can do to defer my tax? I have looked into some of the rules and it appears that I could not defer this money to a 1031 because at one time this was my primary residence?  

Any help would be appreciated.

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