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Updated 10 months ago,
Capitol Gains?
Hello everyone-
not sure if this has been covered but I would like to know how long would one have to stay in said property to escape Capitol Gains and within what amount of profits?
Also if someone pays taxs through Captiol Gains would one have to pay income tax on said amount of profits?
Can you delay Capitol Gains inorder to max. your profits and pay taxes on said profits you made throughtout the year?
(ex: I made $50,000 in three months on the sale of a home which sold in January, can I avoid Capitol Gains to reinvest that money? I make a total of $750,000 that year can I keep avoiding Capitol Gains and pay taxes on full said amount at the end of the year?)