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Updated 10 months ago on . Most recent reply

User Stats

5
Posts
2
Votes
Nick Nelson
  • Monterey, CA
2
Votes |
5
Posts

Anything we're missing to reduce tax burden on sale of STR?

Nick Nelson
  • Monterey, CA
Posted

We are selling a Virginia property which we bought as our primary, but switched it to an STR. We held as primary for a year and STR for 2 years filing the appropriate tax declarations/forms etc. during each stage. The appreciation is around $300k so taxes will be fairly significant. We are going to buy a primary again in California, but are we missing any legal opportunities to reduce that tax burden? Or, are there any better ways to move forward, but still following through on the sale? Thank you.

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