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Updated over 5 years ago on . Most recent reply
Capital Gains Tax
Hello Everyone!
I plan on selling my single family home and purchasing a two family home in order to help with expenses. I purchased my home for $340 and it is now worth about $400. Do I need to invest on a property that costs more than the amount I sell for, in order to avoid paying capital gains tax?
Thank you for any information you can provide me with.
Kitty Jedra
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
If this is your primary residence, and you've occupied it for at least 2 out of the last 5 years, then any gain is tax free....IRS section 121 exclusion.