Capital Gains tax evasion
Me and my wife have lived in our home for almost about a year and a half. We have gained quite a bit of equity in our home and are wanting to move into a larger home. We have found out that since we haven't lived there two years we will get hit with capital gains tax on that equity, which sucks considering we were wanting to use that as a down payment on the new home. I didn't know if there were any ways around paying this capital gains tax other than listing expenses you incurred on improvements on the property.
Thank you
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John Underwood
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