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Updated over 4 years ago on . Most recent reply

Angela Standlee's profile image
Angela Standlee's profile image
Angela Standlee
  • New to Real Estate
  • from Nevada
  • Member since Nov 14, 2020

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Angela Standlee's profile image
Angela Standlee's profile image
Angela Standlee
  • New to Real Estate
  • from Nevada
  • Member since Nov 14, 2020
Angela Standlee
  • New to Real Estate
  • Nevada
1
Votes |
3
Posts
Starting Out

Need Help in the Santa Clarita Valley!

Angela Standlee
  • New to Real Estate
  • Nevada
Posted

I am new here and currently selling my home and we start a 45 day escrow today. I have not been in the home for 2-5 years and I am really worried about the capital gains tax. I also do not want to pump my money into a rental but would rather love to use the profit for an investment property. Is there anyone in the area that could help? I am in Santa Clarita California. 

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Joe Homs's profile image
Joe Homs's profile image
Joe Homs
  • Flipper
  • from Mission Viejo, CA
  • Member since Apr 3, 2014

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Joe Homs's profile image
Joe Homs's profile image
Joe Homs
  • Flipper
  • from Mission Viejo, CA
  • Member since Apr 3, 2014
Joe Homs
  • Flipper
  • Mission Viejo, CA
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Joe Homs
  • Flipper
  • Mission Viejo, CA
Replied

@Angela Standlee did you live in the home before you turned it into a rental?  Has it been more that 5 years?  Check out the 121 exclusion with your CPA.  If that does not work then you would need to do a 1031 exchange.  

Good Investing...

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