Tax Consequences

I live in ventura county and just recently purchased a brand new home (new construction). Due to personal reasons, I may have to move. Can anyone tell me what are the tax consequences if I sell in less than one year?

I'm desperate for this information.

thanks,

Comments(2)

  • dnvrkid1st December, 2004

    None it you sold it for what you bought it for!

    I don't know what your equity is or what your situation is, but I would rent it out for a short period of time or rent-to-own as it is not pretty as you get taxed at even above the capital gains rate.

  • flacorps2nd December, 2004

    Depends on why you move.

    Check this out:

    http://www.irs.gov/irb/2004-39_IRB/ar07.html

Add Comment

Login To Comment