Q: Is there a minimum amount of years you have to own a home before you sell so you don't have to pay taxes on the profit?
Specifically, I've only one it for 1 year now and if I sell will I have to pay un-needed taxes? I am wanting to sell the property and then use those profits for the downpayment on my new house.
This is more of a tax question. You would need to talk to a CPA or tax professional about your specific situation. The IRS has a publication to help you to determine if you are subject to federal taxes for the sale of real property. You may also be subject to state or local taxes as well. As you can see from the publication below, the answer to your question has a number of variables involved.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.