I moved to a new state and have two house in my former state, a primary residence and a duplex. I’ve already purchased a new home via an 80/20 mortgage. I would love to use the proceeds from the sale of my old houses to (a) pay off the 20% portion of the mortage and (b) pay off credit card debt we accrued while my husband was unemployed. Neither house has sold yet, and the duplex isn’t even for sale because it pays for itself and then some. But I can’t manage it from out-of-state forever. Eventually I’ll have to sell the duplex. I’ve heard of 1039 transfers as a way to avoid capital gains taxes, but my kids are older now and I’d rather get a traditional job than spend time managing another rental. Is there any way to use the profit from the sale of the duplex to my advantage without taking a tax bite and without re-investing in real estate? Can “invest” it in the new house I just bought in April? Education funds? IRA? Anything!!?
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