ANSWERS: 1
  • If your property is your personal residence, and you have lived in it for at least 2 of the last 5 years, you can take a personal exemption of 250K in gains if single and 500K if married without paying capital gains tax. You can do whatever you'd like with those gains. If the property is an investment property, you must take action to do a 1031 exchange or another tax saving measure BEFORE selling. After sale, it is too late to do anything to avoid capital gains tax. Paula Straub

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