How long must a real estate investor hold its own property before selling it to consumers? I was told somewhere between 1 year and 2 years.
Pennsylvania law on real estate investors?
On February 6, 2008 / By Real Estate Law Help / In Pennsylvania-Real-Estate-Law
3 Responses to “Pennsylvania law on real estate investors?”
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PIE_R_SQUARED said:
Feb 04, 09 at 5:10 amI don’t think there is any law that says long long you must hold a property before selling it.
Are you talking about long term capital gains on you taxes?
DannoREA said:
Feb 06, 09 at 2:22 amI know of no law keeping you from selling a home before a certain date.
Some mortgage companies will have a seasoning period, during which you’ll pay a stiff penalty if you sell before a certain date.
In regard to capital gains, you will be liable for the tax if you have not lived in the home for (I think) 3 of the past 5 years. It could be 2 years, I’m not sure.
If you’d like to discuss further, I can obtain a definitive answer for you. Shoot me an email through the Answers network - just click on my profile.
menasha_rabinowitz said:
Feb 06, 09 at 8:52 pmThe federal law is that a home that has never been rented (such as your personal home) can not be used for a tax free exchange of like properties (called a 1030 exchange) until 3 years of continued rental has been achieved, If the property has been used as an investment property prior to purchase then I think the time period for exchange shortens to one year. The law is complicated and requires a CPA who is skilled in this type of transaction. Is a great investment tool though.