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Home in other state

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Liz Montague Guest	Posted: Mon Nov 22, 2010 4:33 pm    Post subject: Home in other state Like 0 Dislike 0 My husband lost his job in California. We moved to Oregon where he is now employed. We have a home in California we took off the market and rented out. We would like to sell the home when the market recovers a bit. But now we are hearing that if we don't live in the home or sell it prior to the 3yr mark from our move out, we will have to pay huge taxes on it when we do sell it. Help. Is there any alternative for us? What if we can't sell it by then? Liz _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 22, 2010 8:39 pm    Post subject: Like 0 Dislike 0 Hi Liz! Welcome to forums! If you sell off the property and receive a profit, then you will be liable for paying the capital gains tax. You will not be able to avoid paying this tax. You can contact a tax adviser and he may guide you so that you can get an alternative which will help you in avoiding the tax payments. Feel free to ask if you've further queries. Sussane

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