real state taxes?
What is the law number, that allows you to sell a property and buy a more expensive one, without paying income taxes?
Public Comments
- That depends on what type of property you are talking about. If it's your own personal residence as long as you've lived in for 2 out of the last 5 years you can sell it for up to a gain of $250,000 if you are single and $500,000 if you are married, and not pay any taxes on the gain. If you are talking about selling an investment property, what you are referring to is a section 1035 - Like Kind exchange, but that does not eliminate paying income taxes, it just defers it.
