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There are people who buy a home to live in just for two years to then sell it for big profits. Of course, they have to buy another home again, live in for two years, then sell it and so on. They are called “serial home sellers”.
They have very advantageous reasons to do it and are considered exceptionally intelligent to sell their own homes every two years especially when there is no tax payments to make on their resale income. Homes sale are tax free.
The Internal Revenue Code 121 authorizes tax-free for main residences sales profits up to $250,000 and up to $500,000 for married ones filing a shared tax return. The Internal Revenue Code 121 only works for 24 months and can be used that way to maximize tax-free sale profits. Here is what Edward Strangford, a “serial home seller”, from Miami Beach has to say: “Search for a home, not the perfect one, search for a home needing some repairing so it will be low valued.
Buy a home, move in and make it your primary house. Start restoring the house and sell it valuably at a tax-free profit. Do not exceed the $250,000 or the $500,000. You can repeat again and again the same operation every two years”.
This serial home seller also recommends home painting as the most profitable of all home improvements and warns about making unprofitable works such as flooring, roof and windows.
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