[quote=all][quote=bearishgurl]desmond, I don’t think paramount needs to worry about whether the property he’s selling is his “official residence,” or not. Any Pigg tax people correct me if I’m wrong, but he would have to make a least a $250K profit upon sale over the price he paid for each house in order to need an “official residence.”
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You are wrong.[/quote]
I second that. Completely wrong.
If you sell a property that is not your primary residence you will owe taxes on any gain.
If you sell a property that is your current residence, but previously was a rental you will owe some taxes as well, based on a prorated percentage of how much time it was not your primary residence (as of 2009, when the law changed).
The best summary of the tax laws involved that I have found are here:
