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Updated about 6 years ago on . Most recent reply

User Stats

54
Posts
18
Votes
David A.
  • Connecticut
18
Votes |
54
Posts

Dealing with Capital Gains Tax / RE Accountant?

David A.
  • Connecticut
Posted

I purchased a home in November 2017 and am putting it on the market March 1st - assuming that it sells fairly quickly, I'll have owned the house for under 2 years and will have to pay capital gains taxes (for reference, CT house purchased at 91k, ~25k in repairs, listing at 170k - I'll be probably renting a place to live in myself as soon as a deal goes through, then looking to purchase a multifamily to rent out within 6 months or so, but very unlikely immediately after closing).

I have a sort of two-part follow-up question about this, which is rooted in the fact that I know very little about capital gains and am feeling overwhelmed every time I try to Google/BP search the topic. To start, does anyone have a solid, comprehensive, and easy-to-understand source for me to get started on?  

On the other hand, is this something that most folks end up having a conversation with their RE accountant/lawyer about? I have neither and am nervous about paying $100+/hour to get advice that I could theoretically learn myself, but I'm guessing I should probably start building these types of relationships as I dig my feet deeper in REI...?

I appreciate any advice y'all can offer!

Most Popular Reply

User Stats

628
Posts
543
Votes
Dan Weber
  • Realtor
  • Portland, ME
543
Votes |
628
Posts
Dan Weber
  • Realtor
  • Portland, ME
Replied

I am in the exact same situation and will be filing my taxes this year to reflect the sale of my duplex that I owned for less than two years. I have @Nicholas Aiola doing my taxes and helping me through the process, I would suggest reaching out to him.

  • Dan Weber

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