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Selling a home, required to reinvest?
My daughter bought a home in Fargo, ND last year. Shortly after, she became pregnant and is now challenged to meet expenses. She is planning to sell her home and move to ease the expenses issue. She would like to go to an apartment but is wondering if there are laws about reinvesting in a property. If there are, she would look for something like a townhome. What, if any, are the ND laws on this? She was advised be a realtor t ask an accountant.
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She would be better off to stay in the home for 2 years and then she can sell it without any tax issues. However, If you lived in your home less than 24 months, you may be able to exclude a portion of the gain. Exceptions are allowed if you sold your house because the location of your job changed, because of health concerns, or for some other unforeseen circumstance. I would talk to a tax attorney or tax accountant.
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After only owning the home for one year, I would be surprised if there is any gain to worry about (except for the fact that the ND economy is booming, I guess). I'm thinking that she is going to have a loss. There may be a problem qualifying for the home interest deduction next time she buys.
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