My question involves real estate located in the State of: California
Hello folks this past Dec 2018, in Los Angeles CA, we found a great deal on a home and we bought it. Then the very second week of January 2019 we sold our main home and used that money for the one we bought. I was told that we can save 28% or so on capital gain.
Can someone please advise me what we need to do so we don’t have to pay it? We were also told that we only have 6 months, from the time the home was sold, to capitalized on this opportunity but don't know if that is true.
Thanks so much!
Susie
Hello folks this past Dec 2018, in Los Angeles CA, we found a great deal on a home and we bought it. Then the very second week of January 2019 we sold our main home and used that money for the one we bought. I was told that we can save 28% or so on capital gain.
Can someone please advise me what we need to do so we don’t have to pay it? We were also told that we only have 6 months, from the time the home was sold, to capitalized on this opportunity but don't know if that is true.
Thanks so much!
Susie
Home Sales Capital Gains on Taxes
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