If the home you sell was your primary residence two of the last 5 years, guess what? There is no tax on your capital gains!
Whether we’re talking homes for sale in Glassell Park, commercial real estate in Eagle Rock or homes in Mt. Washington, nobody can dispute that it has been a seller’s market. Northeast Los Angeles real estate market remains red hot and many property owners have cashed in.
Though surely not everyone …
I can’t tell you how many times over the last 29 years someone has told me, “I don’t want to sell because I don’t want to pay the tax if I don’t buy another property within 2 years.”