I don't expect anyone here to know the answer to this, but where could I go online and pay someone to answer this question:
I moved out of the house I lived in and am currently renting it. I bought it 20 years ago for $80K and will sell it for about $250K. If I have lived in it 2 of the last 5 years there are no cap gains taxes.
If I sell it to someone and finance it myself, and then that person defaults after 4 years and I reposess it, what happens? If I sold it for $250K, then reposess it, then resell it for $260K, would I owe cap gains taxes on $10K or $180K?
Apparently this is a difficult question. I have asked it in several online forums and no one knows. I asked my CPA nephew and he didn't know and was too busy to research it. Most CPA's are very busy right now. You can not email the IRS a question, and wait times on the phone are very long. Is there anywhere online that you can just pay to get a question answered? I have heard there are lots of people in India who study American tax law and answer questions, but I can't find them.
| The most important thing you should know about me is that I am not an expert.