Great explanation of the options! As I consider moving it boggles my mind that so many people get through this very stressful transition.Moving to a different part of the country with no friends or family to live with at the other end makes a 1 year rental a very real possibility. What a waste of money!
@wilsson - thanks for explaining the options. For the second option you mentioned, does the seller have to pay capital gain taxes or would that not be applicable since it was the principle residence and was never rented after the seller moved to the new home.
Depends on departing residence category: if it’s occupied 2 of 5 years you’ll likely have an exemption. If it’s an investment property, you can look into a reverse 1031 exchsnge
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Great explanation of the options! As I consider moving it boggles my mind that so many people get through this very stressful transition.Moving to a different part of the country with no friends or family to live with at the other end makes a 1 year rental a very real possibility. What a waste of money!
@wilsson - thanks for explaining the options. For the second option you mentioned, does the seller have to pay capital gain taxes or would that not be applicable since it was the principle residence and was never rented after the seller moved to the new home.
Depends on departing residence category: if it’s occupied 2 of 5 years you’ll likely have an exemption. If it’s an investment property, you can look into a reverse 1031 exchsnge
Almost fall zz