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Capital gains tax- how long can I wait to buy a home?

How long can I wait to buy a home and avoid capital gains tax?

Asked By Darrel | Raleigh, NC | 362 views | Finance Legal Info | 1 year ago

Answer(3)

Novice

nkolika saintelus

J Milo Real Estate Ltd.

If you have owned and occupied your property for at least 2 of the last 5 years, you can avoid paying capital gains taxes on the first 250,0000 for Singles. Deferring Capital Gains Tax: Buying another home after selling an investment property within 180 days can defer capital gains taxes.

Novice

Bobby Mendez

Realty Masters & Associates

(10)

45 days to identify, and 180 days to close if in a 1031 exchange.

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Novice

Cori Baumann

The Brokerage House

You will need to own the home for 2 years to avoid the Capital Gains Tax. However, sometimes improvements to the home can be deducted from this owed tax, check with your local lender!

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