i purchased my first investment property after i sell it what should i do next to reinvest the profit?

Question

and to pay less in taxes can i fully reinvest the profit it being my primary residence have had it less then a year

Answer 1

the standard IRS rule is two years in the home as a personal residence. There are some exceptions for moving, changing job, etc.

You should be able to do a 1031 exchange, IF you can qualify it as an investment property.

Answer 2

Since this is an investment property you can only defer the eventual tax hit. You do that through a Section 1031 exchange. If you simply sell outright and buy another property you'll have to pay any capital gains taxes due.

Answer 3

If it was your primary residence for more than 6 months of the year, then if you reinvest the profits into another property you will not have a tax burden.