What is the name of your state? Virginia, Ok to the point, I bought a Condo in November 2004, it was my primary residence until March 2006(15 months or so) when I turned it over to a Real Estate company to rent because I had gotten married at this point and moved in with her because it was alot closer to both of our jobs. I want to sell because it is a hassle and have a buyer.
Purchase Price $131,000 Selling Price $180,000
Now that $49,000 profit margin I am being told is subject to Capital Gains Tax. I thought I could roll it over into my other home and avoid such a hit. I also thought Cap gains tax was set for houses valued over 200k. I need to know what I can do to avoid this or am I out of luck? Thanks in advance for any and all help.-Steve
Purchase Price $131,000 Selling Price $180,000
Now that $49,000 profit margin I am being told is subject to Capital Gains Tax. I thought I could roll it over into my other home and avoid such a hit. I also thought Cap gains tax was set for houses valued over 200k. I need to know what I can do to avoid this or am I out of luck? Thanks in advance for any and all help.-Steve