What is the name of your state (only U.S. law)? Mass
I bought a new house last year. The old house is for rent. I understand if I sell the old house within 3 years(I lived there for 10 years already), I do not need to pay tax on the gain.
My questions are:
1. If I sell the new house in 9 years and move back to the old house, should I pay tax on the gain(selling of the new house)?
2. After move back to the old house(was for rent), live there for 2 years then sell it, should I pay tax on the gain(selling of the old house)?
3. Should I sell the old house now or rent it out? Which way is better?
Thanks!
I bought a new house last year. The old house is for rent. I understand if I sell the old house within 3 years(I lived there for 10 years already), I do not need to pay tax on the gain.
My questions are:
1. If I sell the new house in 9 years and move back to the old house, should I pay tax on the gain(selling of the new house)?
2. After move back to the old house(was for rent), live there for 2 years then sell it, should I pay tax on the gain(selling of the old house)?
3. Should I sell the old house now or rent it out? Which way is better?
Thanks!