Posted by Rolfe Kurtyka on July 18, 2001 at 17:10:56:
If you hold this property less than 12 months, the gain will be taxed as ordinary income, not the cap gains rate.
The only way I know of to avoid taxation is to hold the property. Rental income is passive income, subject to different IRS rules. If you rent the property, there’s a good chance you’d actually have a tax shelter vs. a tax liability. After two years, you could use a tax defferred exchange to move into another property.
Otherwise, taxes due on gain are just part of the game.
Good luck, and good work! Rolfe