I purchased in Maryland a year ago and would like to sell. How can I avoid Capital Gains Tax?

Question

(homeowner of less than two years)

I hear there's a large penalty if you sell in less than two years.

Answer 1

The penalty is only large if you pocket large profit. If you reinvest in another property within a certain amount of time (90 days, I think) there is no penalty.

Answer 2

usually you can reinvest the profits and avoid the tax that way. best to check with a tax attorney or cpa...

Answer 3

unless you lie cheat or steal ...you an't going to avoid tax ... please dont do any self harm because of this fact ..