LCD1
New Member

We bought a NJ home in 2023 with another couple. If we sell within 2 years, will we owe capital gains tax? Can buying another property help avoid it? What about a buyout?

We bought a home in NJ in 2023 with another couple as our primary residence. If we sell within the first two years, will we owe capital gains tax? Are there ways to avoid it, such as buying another property with the profit? Alternatively, if one couple buys out the other, will there be capital gains tax?