irvinehomeowner
Well-known member
So I'm going to ask a newb question because I'm too lazy to Google but if you sell a property for more than $250/$500k profit, can you roll that into two or more properties without capital gains tax?
I should probably know this but I have a relative who might have this type of gain and they are thinking about selling but instead of retiring with the cash (and paying the capital gains tax over the limit), they are looking to buy 2 or more properties (a downsizer for themselves and maybe one more more for their kids/grandkids... probably not gifted as they would still own the properies but give them a place to live).
Does that work?
I should probably know this but I have a relative who might have this type of gain and they are thinking about selling but instead of retiring with the cash (and paying the capital gains tax over the limit), they are looking to buy 2 or more properties (a downsizer for themselves and maybe one more more for their kids/grandkids... probably not gifted as they would still own the properies but give them a place to live).
Does that work?