Selling House Less Than 1 Year...Afraid of Capital Gain Tax HELP!
Hello All!
I have recently bought a house in January 2016 but am considering taking a job offer that would force me to relocate. If I sell this house I will profit, but how can I avoid taxes on this profit? I plan to rent while I get situated at the new place so no plans to buy in the short term. Can you please advise me couple options on how to avoid capital gain tax? Do I need to fill out a 1031 exchange and defer the tax on the profit? I'm not a flipper; however, I read this blog.
https://www.biggerpockets.com/renewsblog/2014/07/10/paying-taxes-fix-flip-properties/