What Will happen If I decide to live in the house For 2 years before I sell it, I heard that you pay less taxes.
You’d only pay less taxes on any gain above $4 million. Tax on the $4 million would still be due April 15 of the following year at latest.
If you can figure out a way to swing the income tax as well as the property taxes/expenses, why not? Just remember, property values are volatile. It could be worth $5 million in two years, or it could be worth $3 million.
I’d personally sell ASAP and put the money into more … manageable … homes, but that’s just me.
