Within the next month I will be selling a house I own in VA. I do not live in the house & haven't for 9 years. My son lives in it & is moving. The house is in very poor shape but I think (hope) I have a buyer for it "AS IS". This is the 1st house I have sold but think I have to live in it to be exempt. I just wonder what kinda capital gains I have to pay on it. We paid about $12,000 for it in 1965 & I will get somewhere about $50.000.
I hope to not have to have an agent to sell it.. Is this possible? It will never pass & I don't have the money to bring it up to par. I know the man who I hope will buy it is going to strip it... I think the term is FLIP it. Any insite into this will sure be appreciated.. I am to old to go though all this alone :0(