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,
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.
Depends on why you move.
Check this out:
http://www.irs.gov/irb/2004-39_IRB/ar07.html