We hit "the jackpot" and don't want to pay for it!
First thing- my phone will not let me upload my personal info or add a picture but I will work on that.
Secondly- My wife and I have had the opportunity to sell our property to a developer. We have a signed purchase agreement (looked over by our attorney) and we will be closing in a couple of months. We bought the house and 1 acre for $62k in October 2011. I've put about $30k into the house. We moved into a different project house for 1 year (now rented!) and recently moved back into the subject property. We are selling it for $225,000. If I read the IRS's website correctly, we should be ok on Capitol Gains Taxes. Is this true or will we be writing a very big check to the government? Should we look into a 1031? I'm a little nervous! That's a $30,000 check!!! Thank you for any advice!