All Forum Posts by: Hannah Leas

Isnt that only for owners that have owned for 2 years or more? 

Hey Bigger Pockets Network,

I purchased a home (first home and primary residence) in August 2016 for $135,000. I put in about $10,000 of renovations. This home was located in Vancouver, WA.

In July 2017 I sold the home for $197,000. I used the profit and bought another property in Portland, OR for $220,000.

Is there anyway I can escape paying the short term capital gains tax or at the very least reduce it? Does the home sale and purchase in different states make a difference? Anyone recommend an accountant in the Portland area?  

Thank you for your help!

@Lee S. My goal is to purchase another home to work on...

@Dave Foster Thank you! 

To give a little more background;

I bought this house in a short sale and it needed work before I had someone living in it. Over the course of the last 5 months I've remodeled the whole inside by myself. Looks great! If I do say so myself. However, it's the first project I've taken on as a complete remodel. Meaning there isn't a history of me flipping homes...yet. 

Now that my equity has skyrocketed I wanted to explore my options. I enjoy designing and doing the labor on homes but don't want to get caught up in it if ultimately I'll be taxed to the point of it being pointless. I'll explore the 1031 idea! Thank you!

What if I don't claim it as my primary residence? It's the only property I "own" but what if i lived somewhere else? Is it still seen as my primary residence?

Hey Everyone! I'm a new investor but have had great success with my first home. I originally purchased this home to turn into a rental property but recently i found out that the house I bought for 135k is now worth 225k. Is it a smart idea to sell and then invest into another property to flip or should I refinance and keep the property and buy another one? The cash on hand is lower if I refinance, however if i sell then i'm subject to capital gains. (at least i think i am) Anyone out there with some advice?