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Updated about 3 years ago,
Capital gains tax question
Hello,
I bought my house in April of 21 for 185k. It is now worth 250k in just a few short months. The house down the street from mine is the exact layout and just as nice as mine sold for 250k yesterday. Is there a way I could avoid capital gains tax if I decided to sell my house? I see that I might only owe 12% in taxes as I was a college student last year and didn’t make enough money to be in a higher tax bracket. Can some please advise? I feel like I need to take advantage of this market but am extremely nervous about the decision. What are the pros and cons of potentially selling my house? Any advice/responses would be appreciated!
Thank you!