Taxes on new home sold in 2 years
I bought a new/first house about a year ago and am planning to move to a different location. If i sell my first house in the next 3 months, do i havr to pay any capital gains or other income traxes ? (I was told if i keep the house for 2 years then i can avoid these taxes, is this true?)
Is there a way to avoid paying taxes on the profit i make
when i sell this house ?
Asked on 8/15/02, 9:25 am
1 Answer from Attorneys
Geoffrey Lahn
Lahn, McDonagh, and Brown, PLLC
Re: Taxes on new home sold in 2 years
Yes, if you keep the house for a minimum of two years then sell the property the realized gain is not taxed
Answered on 8/15/02, 11:48 am
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