If you live in the house for 2 years and the proceeds from the sale are less than $250k ($500k if you are married filing jointly) then there is no cap gains tax. And the 2 year time requirement only applies if you sold a house prior to your current one. If you were a first time buyer I don’t believe the 2 year thing applies.
I'll have to ask my brother in law, who is a CPA, what the actual laws are.
If I don't have to worry about CG, then I'll sell as soon as I can and just bank the money until the crash and then buy a really nice house out of state.
This will work assuming the housing market crashes and the dollar doesn’t crash. Would be worth researching how 1940s Germany played out before attempting this.
I thought I read that capital gains doesn't happen if it's primary residence you sell, but don't quote me on this.
If you live in the house for 2 years and the proceeds from the sale are less than $250k ($500k if you are married filing jointly) then there is no cap gains tax. And the 2 year time requirement only applies if you sold a house prior to your current one. If you were a first time buyer I don’t believe the 2 year thing applies.
I'll have to ask my brother in law, who is a CPA, what the actual laws are.
If I don't have to worry about CG, then I'll sell as soon as I can and just bank the money until the crash and then buy a really nice house out of state.
This will work assuming the housing market crashes and the dollar doesn’t crash. Would be worth researching how 1940s Germany played out before attempting this.