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Old 06-04-2005, 06:25 PM
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Capital Gains Tax

What is the name of your state?What is the name of your state? Arizona

Hello, My question is in regards to the "Capital Gains Tax".
I recently moved from Los Angeles to Phoenix where I bought a house. I have only been here going on three months and have decided I miss LA and want to move back. My understanding is that I have to have lived in the house for two years in order to avoid the tax. Is there anyway around this? I don't really wan't to the sell the house and wouldn't mind renting it out. Could I rent an apartment in LA and claim my Phoenix house as legal residence? If so, how would this work in terms of California income showing at tax time? Wouldn't the IRS want to know how I was claiming AZ as my state of legal residence yet showing income from a California employer? Also, does anyone know a reasonably priced tax/real-estate lawyer in the Phoenix area? I'm sure there are ways around this as people buy and sell all the time. Thanks for your help.
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