Capital Gains Tax — Bought <1 year ago — Will repurchase

[Ashley Davis]

Hi all! CAPITAL GAINS TAX — NEED HELP! 🙏

I bought my first investment property in August 2018. paid $152k and have put in about $20k in renovations. It's currently rented for $1600 a month and I have it listed for $252k (comps are at like $230k.) So less than a year.... (Miami, FL)

My plan was to hold for a few years while it's rented out BUT my situation has changed and I need my mom closer due to health reasons. I have decided to sell so I could buy her a place close to me.

If I sell my property and buy her a place, what are the rules associated to avoid capital gains tax? Time frame? Can it even be 100% avoided? Is there a calculator I can find somewhere to help figure out the tax? Or as long as I buy right away, I'm good? 🤔

Any info would be very much appreciated! You guys rock! I will get back on the investment game once mom is all set! Love learning from you all.

— Ashley from Miami 🌴

[Eamonn McElroy]

For everyone saying 1031 exchange:

She is selling a business asset and buying a business asset property for her mother.