Does anybody know what kind of tax break you get if you sell one house and buy another? I can't find anything on line. Here are some brief details.
The money is in a family trust. My friend wants to move from one state to another. Her brother controls the trust. She did a quit claim.
She wants to sell the house she is in now, then buy a different house for less money. She can't do anything without her brother, and he is not making it easy.
Does anyone know the tax advantages were they to do this? Or a web-site that explains them? As long as her brother sees it as profitable he'll help, but if it's not cost effective he won't. In other words, screw happiness.
Any info much appreciated.
