Asked by I. Romero-alfaro, • Fri Nov 7, 2008
we are renting the only home we have.
We refinanced it and since we don't live there, it had to be refinanced as an invesment property.
Now, we want to sell it, so we can buy a new home where we live, but I understand I have to pay capital gain taxes is sold.
Here are my questions:
1) Technically is an investement property, bu in reality it is not, is there an exception when the circunstances are like mine?
2) If the house is considered a property investment, how much will I pay in capital gain taxes if sold?
3) What are the possible options that I have, because I can not afford another house if I don't sell the one I have, does it have to be considered an investement property?
Thanks a lot!
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