cmoneyt8ker
New Contributor
I can finally make a post now! Any expert advice would be appreciated. I bought a townhouse last year (that was in foreclosure) for 35k dollars for my personal residence. It was trashed and I have now completed my rehab(8 months later). I did all the work myself on the weekends and spent about 4k. I can now proudly say it is one of the nicer townhouses in the neighborhood. Thats the history... here is my situation.
The townhouse comps I have on my street put my value in the 68k to 75k range. I would like to sell the house now and start on a new one. If I am reading the law correctly I must have to keep the house for at least two years before I sell to avoid paying capitol gains on it. My first thought was to try and do a 10-31 tax exchange but I was told that does not apply for personal residences. Are there any loopholes that you guys know of that will let me sell this house and put all the profits into my next?
My long term goal is to keep rolling over rehab profits till I can afford a lake house in my area.
On a side note this looks like a great website with some very intelligent people. I hope we can all help each other make some money!
:cheers:
The townhouse comps I have on my street put my value in the 68k to 75k range. I would like to sell the house now and start on a new one. If I am reading the law correctly I must have to keep the house for at least two years before I sell to avoid paying capitol gains on it. My first thought was to try and do a 10-31 tax exchange but I was told that does not apply for personal residences. Are there any loopholes that you guys know of that will let me sell this house and put all the profits into my next?
My long term goal is to keep rolling over rehab profits till I can afford a lake house in my area.
On a side note this looks like a great website with some very intelligent people. I hope we can all help each other make some money!
:cheers:
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. O ettani vjev zua duamf nesliv vji juni pux, cav og zua guapf e cazis...zua duamfp'v dmuti apvom ov jef ciip upi zies. O en PUV ep iyqisv, tu zua xuamf jewi vu wisogz vjev xovj tuniupi xju ot ep iyqisv. 
