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Updated over 6 years ago on . Most recent reply

User Stats

54
Posts
23
Votes
Cedric Van Duyn
  • Rental Property Investor
  • Gig Harbor, WA
23
Votes |
54
Posts

Selling 2nd Home - How Long until Proceeds are Taxed?

Cedric Van Duyn
  • Rental Property Investor
  • Gig Harbor, WA
Posted

My father-in-law is selling his 2nd home and needs to know how long he can hold the proceeds before taxes will be due? This property has not been operating or declared as a rental, so 1031 is not applicable. Are we correct in assuming that as long as the money is reinvested in 2018 then no taxes will be due for the proceeds of the sale in 2019?

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