Quote:
Originally Posted by Rose Ann Vinci Igoe
Dear friends of mine pretty much did the same thing you are thinking of doing now. Bought and sold within 7 months (they had health issues). They sold their house very fast and it almost doubled in value. Prices are going crazy now. Also, I am positive, unless the rules have changed, that as long as you bought another house Equal or higher than the amount you sold your house for, .... You will not be charged capital gains.
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That law changed during the Clinton administration, so you are a little behind in your tax law. Only way to avoid the income tax on the sale is to go through a "Starker Exchange". Realtors should know about those and those of us who do tax returns do as well. Not all that easy to do with residential property and there are fees involved. And I think the rules for Starker exchange of residential property in Florida are more complicated than other states. Sold my vacation rental/ second home in TV in June and I will be paying tax on the profit.