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Updated over 4 years ago,
Selling primary and buying new primary tax advantages?
I have a house under contract and the plan is to close on it, put my house on the market, and renovate new house while mine is on the market and then move into new house as soon as it’s finished whether my current house is sold or not.
I thought about a 1031 exchange but I’m kind of doing this backwards I believe for that to work?
I’m buying this house all costs factored it for 125k and I should profit 50-60k from selling my primary.
My question is, is there anything I can do to avoid a large capital gains tax on that 60k?
Thank you