QUESTION
If I sell house after one year of owning it will it cause more taxes.
Asked on Dec 21st, 2024 on Taxation - Texas
More details to this question:
I did a 1031 exchange and I was told I have to pay for home and rent out for a year. Now I’m hearing if I sell my house after just one year it is not smart.
1 ANSWER
4 Awards
In order to claim the exclusion of gain ($250,000 single or $500,000 if joint return) on sale of your pricipal residence, you must reside there for at least 2 our of 5 years.
Answered on Dec 22nd, 2024 at 9:12 PM