Updated almost 9 years ago on . Most recent reply
Tax on real estate sale
Hey BP,
This is for s friend of mine...
He just bought a town home and was trying to rent his condo he lived in for the past 4 years. He still hasn't changed his address to the new town home if that helps. He couldn't get tenants as quickly as he wanted so he's contemplating selling it.
If he sold his condo and net $50K, would he be taxed on that or does this fall under the "less than $250K net profit, not taxable" category?
Thanks!