Tax advice - may have to resell house bought less than 6 months ago
Due to some unforeseen circumstances, we may have to sell the house in a couple of months.
- I have talked to the real estate lawyer with whom I bought the house. She said, no legal issues in selling as long as both of us (my fiancee and myself) are willing to sell.
Real Estate Agent
- My agent tells me if I sell before 2 years of staying in this house, I will incur capital gain tax. Even after my fiancee declare this house to be her primary residence instead of her current condo.
- I have always done my own taxes so I do not have an accountant I have worked with to turn to.
Questions for you RFD-ers
1) is my agent right?
2) Online tells me, if I sell before 6 months, the buyer may not get mortgage as Banks may see this as money laundering (truth?)
3) Any accountants can chime in? Please ^^
4) what can i do? It is not a must that I sell it but the money is needed for family emergency. I have looked at and exploring 2nd mortgage and renting out a room as other options. If I do have to sell, I will sell and buy maybe a residence; very likely a condo.