Live in flip without paying taxes

[Justin Nagy]

Hi

One year ago I found a Condo being sold at probate auction only problem was you had to purchase the property in all cash. When I showed my dad the deal he decided he would purchase the condo, let me live in it and rehab it and then sell it back to me at the original cost with conventional financing. So I have been rehabbing this condo for a year now and he is ready to sell it to me at the original purchase price. My question is what is the best way to do this and for me to then be able to sell the condo without getting taxed? When we did this I originally did not know that If he would have immediately sold it to me and made it my primary residence that after two years I could sell the property tax free.

[Brie Schmidt]

@Justin Nagy - Sure, if you want to commit fraud and have the IRS on your back.  Then you aren't reporting rental income and committing fraud