Hey Everyone,This is my second post on BP and I'm hoping to gain some insight.My wife and I have successfully completed 2 live in flips and are sitting in a great position equity wise. 

Utah, Idaho, Colorado, and Nevada).One way I hope to give back is to provide insights and perspective to outside interested parties on my local market the Quad Cities (Davenport IA, Bettendorf IA, Rock Island IL, and Moline IL).Thanks all!

What are the specifics on this to avoid capital gains tax in this situation?  

Only investment property.For personal property, there is a capital gains exemption $250,000 for single people $500,000 for married couples."

Thanks all for the great insight. 

My biggest concern in locking in liquid capital in an account for a year with the possibility of "no deal" and having the ability to invest it somewhere else.Any thoughts or insight would be greatly appreciated.  

And the seller would have to report any capital gain on their taxes for that year But since he has renovated the place from top to bottom he would fall into the "significant renovation" rule and if a traditional buyer bought the house for 200,000 then the buyer would also have to pay 30,000 in HST?

ANY insight or personal stories would be appreciated

$11,256.40 yr Hi Bob-really appreciate your insight.  

I am a mature and motivated 19 year old student who is on a mission to help my father gain FI after he has worked hard for 42 years.