Quote:
|
Originally Posted by chaze
I got my houseabout 13 months ago at $510 now I am selling it for $620
Is there a way to avoid th gains tax or atleast can I buy another hours to avoid it?
I have gooten several anwers so I was thinking fick it GFY might know 
Also about how much is it for California? |
Well, you can take 620k - 510k and you have a net of 110K.
Figure out how much you put into the home fixing it up (and have reciepts for) and subtract that from the 110k.
That will be your liability on the cap gains. Seeing as its less than 2 years ownership, you ron into an issue there too. I can hook you up with my tax guy if you have more questions.