Legal Question in Tax Law in Michigan

Taxes on new home sold in 2 years

I bought a new/first house about a year ago and am planning to move to a different location. If i sell my first house in the next 3 months, do i havr to pay any capital gains or other income traxes ? (I was told if i keep the house for 2 years then i can avoid these taxes, is this true?)

Is there a way to avoid paying taxes on the profit i make

when i sell this house ?


Asked on 8/15/02, 9:25 am

1 Answer from Attorneys
Geoffrey Lahn Lahn, McDonagh, and Brown, PLLC

Re: Taxes on new home sold in 2 years

Yes, if you keep the house for a minimum of two years then sell the property the realized gain is not taxed

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Answered on 8/15/02, 11:48 am


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