Capital Gains
I purchased a brand new home 9 months ago. It has increased in value approximately $45,000-$50, 000. I plan to harvest the equity to start buying investment properties for rental purposes. What are my tax implications? Any suggestions on how to lower my tax implication or am I exempt? Thanks to everyone that has adive. 
Harvest the equity? How do you intend to do that?
I am in the middle of selling the property
Quote:
On 2004-12-08 14:42, loafie6 wrote:
I purchased a brand new home 9 months ago. It has increased in value approximately $45,000-$50, 000. I plan to harvest the equity to start buying investment properties for rental purposes. What are my tax implications? Any suggestions on how to lower my tax implication or am I exempt? Thanks to everyone that has adive.
I suspect you're going to owe taxes on your short term profits.
Is it your primary residence? Why not get the equity by doing a home eqity line?
Brenda