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Updated over 5 years ago on . Most recent reply

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57
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Rahul Handa
  • Bolingbrook IL
13
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Question about Captial Gain tax

Rahul Handa
  • Bolingbrook IL
Posted

I am planning on buying a SFH through FHA owner occupied loan, fixing it up and then selling it. How long do i have wait so i can sell it without paying the Capital Gain Tax and also how much is it for me to pay.

Thank you 

Most Popular Reply

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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
4,432
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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

You'll need to both own and occupy it for 24 months to qualify for the 121 primary residence exclusion on the gain. 

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Kolodij Tax & Consulting

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