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Updated about 4 years ago,

User Stats

31
Posts
3
Votes
Michael Gil
  • Rental Property Investor
  • Virginia Beach, VA
3
Votes |
31
Posts

Tax on Primary Residence

Michael Gil
  • Rental Property Investor
  • Virginia Beach, VA
Posted

Okkay I am in a bit if a bind, looking for some curbside tax advice (aware I should consult a tax professional)

I sold my primary residence of 4 years in Aug 2020 profitted about 70k on it. I bought a new home the same month in a different state, moved, now thanks to COVID it looks like my job will be cut in 2021.  I have several job offers all of which involve moving again. I know there is some loop hole in the tax law that if you were forced to move due to a loss of a job there is a degree of tax write off, however given that I have sold a home and taken advantage of the tax write off within a two year period Iam not sure that applies.

What is my best option here?

1. sell the home and take the tax hit on any gains?

2. Hold onto it for two years, rent at my new job area and keep the home as my primary residence

Any non professional advice welcome


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