Can I get some tax advice?

[Jesse Aaron]

I recently purchased a home and put my mobile home on the market. After tons of showings, rude viewers and obvious tire kickers I accepted an 18k offer (I was asking 20). At this point I’d like to put some more money into my stock/options portfolio. The buyer said she will bring a cashiers Check Monday. So there’ll be no “under the table” opportunities. My concern is that I’ll now get taxed for the sell, then taxed again when I withdraw from my portfolio right? Is there a loophole to prove I’m not using the 18k immediately and instead reinvesting? Thanks in advance.

[Basit Siddiqi]

@Jesse Aaron

You likely want to connect with a tax professional to make sure you report a correct return and you pay the least amount of taxes.

The $18,000 is not fully taxable to you.

Your gain is The sales price, less expenses(realtor commissions, etc) less basis(purchase price + improvements).

There are potential ways to defer / exclude the gain.

Was the mobile home an investment property or a personal residence?