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Updated about 5 years ago,

User Stats

24
Posts
2
Votes
Tab B.
  • Atlantic Highlands, NJ
2
Votes |
24
Posts

Paying Taxes After a flip owned Property for less then 2 years

Tab B.
  • Atlantic Highlands, NJ
Posted

Hello. To make a long story short. I sold a house#1 in November 2019 I owned the house for 15 months. After renovations I sold the house#1 for 100k in profit. In September 2019 I bought a house #2 that i want to keep and live in ( wanted to sell house#1 first but the buyer couldn’t get a mortgage and the process took until November). Now Im in the process of buying house#3 investment property that i want to flip which has the closing date for February 2020. Now the question is how do i avoid paying taxes (because i owned house#1 for less the 2 years and I bought a house#2 before i sold house#1) on the house#1 that i made 100k on? Is there a way? Thank you for any answers.