Do I have to talk to an accountant (perfectly willing to pay $$ for short consultation) or this is trivial?
Facts: I have two houses that I am going to sell this year. House #1. My ex has lived there for seven years (jointly owned by both of us). She/we will be selling it, we'll share the profit (I expect my share to be $90k or so). The house is not my primary residence. It is not exactly an investment either as I do not get paid any rent. House #2. My own. I expect to get just under $100k profit when/if it sells. I am planning to use at least 50%-100% of what I get for both houses as the downpayment for the new house.
Questions: Do I get to pay capital gain taxes? And if I do, how to minimize them? Thanks! Michael