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Updated over 8 years ago,
Capital Gain Taxes
Hello,
I know the answer is to seek advice from a CPA, but I wanted to pitch this question anyway.
I have heard that selling a home on the 366th day after the purchase, one doesnot pay capital gain taxes.
I also recently heard that I will pay capital gain taxes on a rental home that I am selling. I have owned the home for 8 years and refinanced it 4 years ago. I am selling it for about $25k more than what I paid 8 years ago.
Any thoughts?