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Updated about 2 years ago on . Most recent reply
Capital gains on profit
Hello so i’m new to investing and real estate, I bought a primary resident that ive been living in for the past 19 months. I have been looking to sell in order to upgrade. My property has gained 100k in value since living in it. If i for sale by owner do i have to pay taxes on the sale?
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Ashish Acharya
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Yes, you will pay taxes. If possible, please wait for 24 months, then sell. There is no capital gain then.
You might qualify for a partial 121 exemption (still avoid 100% of taxes) if you are selling because of health, work, unforeseen circumstances, and such.
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