I've just finished talking to Andy from Ayco. Those are the advisors you get through the Motely Fool. He could not provide detailed advice but said that generally, if we held the property as a rental for 2 years, we could then live in it. This according to a private letter ruling. He enphasized this was not a guarantee.He also said that what we wanted to do (sell property to person A and buy new property from person B) is not an exchange and would not qualify. We have to exchange our lot for a property from another person. We cannot sell our property and shield the gain.He did point out that we would only pay 15% LTCapGains on the profit. In the case of us living in FL, and selling a property in CA, he wasn't sure if we would owe taxes to either state. FL has not state income tax, but I don't know if FL taxes capital gains.Obviously, we need a financial advisor on this. Does anyone know anything about the Dalbar rating service that the Fool uses to select advisors? Is this a respected rating service?johnny
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