Selling My Multifamily Primary Residence in Washington Statea

[Victoria C.]

Hi Fellow Investors,

I have a friend here in the state of Washington interested in selling their 4plex that they’ve lived in for almost 3 years. What is the best way for them to go about selling this property and will they have to pay capital gains tax?

Also what are her options with using IRA or 1031 exchange? She's unsure of how those could work.

If you know of any good books, articles, or forums to read up on please refer those as well.

I’m just trying to help her get more information on this before they move forward with selling their property and this is something I’d like to know about for my properties in the future.

Thanks in advance!

[Marc Middleton]

Originally posted by @Autumn Rankin:

Marc Middleton the law didn’t change. It was proposed but not accepted :) yeah !!

 I thought the new law changed the capital gains exemption from 2 years out of 5 as a primary to 4 out of the last 5? If not, great for all of us down here in Florida :-) 

Definitely call a CPA regarding your friend. If they have a broker doing a CMA, they should know the laws for your state and should be able to recommend a Q.I if she needs one.