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Updated almost 3 years ago,
How To Avoid Capital Gains
Hello BiggerPockets Family!
I'm Rick and new here, BP has opened my eyes to a lot information and I am grateful for it. I have a question about capital gains, I live in NYC and I currently have a 4 plex for sale on the market. I have a buyer and if everything goes through I will have a gain of $200k. I been doing a lot of research to avoid paying the taxes because I want to move to Georgia and buy a single family home for around $350 to have a minimum mortgage.
They say if I lived in the current property for 2 and owned for 5, I can avoid paying the gain but I only owned the property for 4 Years and 4 months. With that being said would I pay minimum taxes?
Also I read if I am moving out of state and buy another property I can avoid paying that tax?
Please if anyone has any information that can help me. T
Thank you in advance!