All Forum Posts by: Lisa Landivar

@Kevin Hunter @Ryan K. thank you so much for this info, all in all I feel that I might just have to hire a CPA, or maybe I can just wait until tax time and fill our the turbo tax and see what happens lol 

@Taylor Brugna thank you, that was really the issue I was having with understanding :)

@Louis Chan Thank you very much for clarifying this :) I am so happy so many wonderful people are ready to help :)

@Gina Jeannot, Thank you so much for this info. I will find a CPA and see if they can help :)

@Taylor Brugna Thank you for your help :)

@Taylor Brugna Thank you so much. I hope that owning the home for only 3 years does not present a problem. I will do some more research on this.

@Steven Preston Thank you so much. I did read up on this. The phrase that confuses me is "2 of the last 5 years" we have only owed it for 3 years total. I am going to say we get a tax break on this :) Do you agree?

Hello BP community!

An offer has been accepted and my closing date is 3/16/17 on my home in Oak Harbor, WA. My husband and I are military and we both own the home. However, we have only owned it for about 3 years, we lived in it for about 2 years, and rented it for 1 year.

Do I have to pay taxes next year on my gains? We are selling it for 337k and bought it in 2014 for 256k. We file our taxes jointly. I keep hearing 1031 exchange if we want to invest, but what if we don't want to? We currently live in MD state, we moved out of our home in WA because we got military orders to MD state. Is there some kind of break for us?

Thank you so much!

@Rey Vargas Thank you so much for this info, every bit is always helpful. I will keep this in mind when purchasing. My home closes on 3/16/17, really soon, and I am so excited! By that time I will have the cash I need to start investing. Cannot wait to find that perfect investment property.

@Rachael Shad 

Thank you for this info. I will be sure to start looking. Hopefully something good opens up. That is really good news to me!

@Rolanda Eldridge 

thanks you, this really keeps my hopes up! I agree it seems like such a nice area, I have never been, but I really want to go. Hopefully the military allows us. I will try to keep an open mind.

@Maxwell Lee thank you so much for that explanation. This makes total sense lol. Honestly I get nervous buying in those neighborhoods. I was told to buy were there is less crime and better schools, but for my price range, I know I can't get exactly what I want. I just want to make sure I end up making profit :)