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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: dragonwalker on December 06, 2018, 09:41:41 PM

Title: Question regarding possible capital gain or loss
Post by: dragonwalker on December 06, 2018, 09:41:41 PM
A friend of mine wanted to get an idea of the potential tax ramifications of selling his current home. Back in Sept 2017 he sold his home and realized a gain. I don't know the exact amount but I am guessing between $100-$200K. He used those proceeds and purchased a new home. Due to personal circumstances he is looking to sell his home now, move and purchase another home nearby. However because of the market he will probably have to sell at the same price he purchased potentially realizing a loss. Can someone here tell me what his likely tax implication would be weather it was a gain or loss? He is married and lives in Los Angeles, CA.

He may be able to take advantage of a program at work that would pay up to $30,000 in closing costs and real estate commissions due to the fact that he is coincidentally looking to move at the same time that our company HQ is moving and he could benefit from this program. How would this company contribution affect him? If at all possible could any of you also refer me to the appropriate source of the information. Thanks.