Then you could take the entire 121 exemption tax free but Joe A. is right you'll have to recapture depreciation in any case.

I am 59 years old now and I found BP about a year ago while medically recovering.My father has been in real estate buys and sells for about 45 years and he has taught me a little bit.  

I currently work in the medical field, but I want to start investing by years end.

I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate while recovering from a medical priblem.  

@Andrew R. the NRW 91-01: Withholding on Sale of Real Property by Nonresidents is a good link - I went to bookmark it and found I had already done so in 2012 :)My understanding is that it's "withholding" meaning the seller may get some or all of it back once s/he/they file a tax return in Rhode Island for that year.Also a close reading mentions a possible exemption for sellers 55+"In the event that the sale of the property by a nonresident will not be subject to tax under Sections 121 (One-Time Exclusion - Over 55 Principal Residents)... the nonresident seller must make the gain election and file the RI Form 71.3 Election even though no withholding need be made""If the property Martha was selling was her residence and if she otherwise qualified and intends to treat the sale under Section 121 of the Internal Revenue Code (one Time Exclusion Over 55 Principal Residence), she would still have to file the election form 20 days before the closing but would complete the election form and use the special types of transactions area on the back.

There are also exemptions and incentives if you intend to develop villas or cottages for nightly rentals.

I am a New York resident working in the medical field with a vision of one day being able to provide my family with more then I ever could being a real estate investor than an employee.

After the transition I took the job of renovating the old site to make a new medical office.

The ESA exemption is also horribly abused if someone finds a sympathetic doc to write the prescription.2) Dog Bites and Insurance.

The seller is exempt from Dodd Frank when selling to an investor.