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Updated almost 3 years ago,

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How To Avoid Capital Gains

Posted

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!
 

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