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I think I'm about to be in a pickle. I just moved into a new house.
I still haven't sold my previous house. Well, I found out last night
I'm being relocated. I was told my new company is going to buy my new
house from me but I'll still have to other house to sell. No
problem. The problem is taxes. What kind of trouble am I looking at
as far as taxes go for selling two houses within weeks or months of
each other?
The new house should net me about 75,000 in profit because it was a
foreclosure and I've put in 3 months of sweat equity and real cash
fixing it up. I bought it for 240,000, put about 35,000 into it and it
should be have a market value of about 350,000.
The old house will only make me roughly 15,000 in profit and maybe
less. I bought this house for 138,000, I owe 131,000 and it should
sell for 160,000. After commisions, fees, and paying off the mortgage
I'll have roughly 15,000.
Should I try and rent this house out for two years and then sell it to
avoid capital gains, are there any loopholes I can take advantage of
because I'm being forced to relocate?
Help me out here. I need to know what I'm facing so I can use that to
help me negotiate a relocation deal.
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Real estate tax question
