I have been hearing about capital gains tax from various sources for at least two years. After that, some say 4-5 years, while others claim 6-7 years. Please provide your reasoning and explanation. I am grateful.
I prefer consulting a tax professional or reviewing the specific tax laws in your country to understand the exact time frames and rates relevant to your situation.
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Depending on the question’s context, yes.
Hold off until you are forced to relocate if you need the place to live and are not planning to move.
If you have been the owner for 11 months and are considering selling, delaying the sale until after 12 months may help reduce your taxes.
Hold off on selling or moving out until after the entire two years if it’s your primary residence, you’re trying to sell, and it’s been almost two years anyhow.
If you are unsure whether to buy or rent and plan to live in the area for less than five years, do the maths to see which option is preferable.
This is a very interesting topic. I think the duration depends on several factors and you should really do your research before making a decision. Overall, if that is your Primary Residence you should aim to own it for at least 2 years so as to benefit from capital gains exclusion. If it is an Investment Property you can hold on it for more than 1 year to qualify for long-term capital gains rates, however, ideally 4-5 years or more would be nice to maximize appreciation and offset transaction costs.