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Originally Posted by crc19188
Bought house end of June 2021. Possible 20k-25k profit. House was pre owned. Thanks for any info. Also do you know a good tax advisor. Much appreciated.
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If you are in a high tax bracket, I would wait until after June 2022 to close on the house, if you can. If so, it will be a long term capital gain and the tax rate will only be about 15-20 percent of the profit, depending on your income. In my opinion, the best option will probably be to just pay the tax. I don't think you need a tax advisor. Any tax preparer can give you the numbers.