Strategy for Sale of Property

[An Nguyen]

Hello everyone! I purchased a home in Oklahoma City as a vacation home in Apr 2022 and am currently planning to sell to my in-laws who are looking to get out of their current home due to unforeseen circumstances. What is the best method to sell this to them to avoid tax implications and fees/commission? 

They have enough to pay the outstanding mortgage balance but not enough to cover my down payment (10%) and any appreciation. If we proceed with them paying just what's owed right now, will it be considered as sold as a loss? Any advice and information you can give me would be much appreciated! 

[Jaron Walling]

You owned this property for 5 months and want to sell?... Surely there's more to this story. 

We need more details (purchase price, predicted sales price, debt owed on the property, etc.). If you've owned the second home for more than a year, you'll typically pay a long-term capital gains tax between 0% and 20%, but if you didn't I'd think you owe Uncle Sam. You could 1031 exchange for other "like-kind" property but that's an advanced investor strategy.