All Forum Posts by: Andrew Clark

Needing some advice on capital gains tax.. I will be selling my current primary residence in a few months & moving over the proceeds to my next home. I will only have lived there for 10-11 months by the time I move.  Capital gains tax calculator's are suggesting i'll owe around $25k of capital gains tax.  

Are there strategies to help minimize this tax without living in there for 2 years?

Can I pro-rate for the time i've lived there?

453 Option?

Transfer property to S-Corp before selling?

Any advice/help is greatly appreciated!

Recently I asked a question if there are ways to minimize my capital gains tax on my primary residence as I will only be there for a year before selling. I received a response that I wanted some additional feedback on and hopefully get some more clarification.

One way to offset capital gains is with capital losses. There’s someone I was speaking to that knows someone who sells mortgage notes for basically pennies on the dollar. These notes show capital losses. So hypothetically speaking if I were to buy one of these notes for $5k that shows $100k losses, would I be able to offset my capital gains tax on that?

Super new to mortgage notes - so I won’t be offended if you dumb down the answer for me. TIA