IL anti-flipping law?

Hi. When I used to do mortgages in my state, typical rule of thumb was 30-60 days. Check with your LO or lending institution to find specifics. They are usually a pretty good source. You can also check with the IAMB - Illinois Association of Mortgage Brokers.

Best of luck!!

Years Listen Chicagoland Real Estate is a Joke, and a Ripoff, You trust People in Illinois.

I say Relocate to Better Much More Trusting Real Estate Market, I suggest Texas, Arkansas or Oklahoma, California, or Iowa, If the Market is Expensive or Cheap doesn't matter Tax Associars in Illinois are Crooked and not Honest, Use some Peace of Mind.

Kathleen M is thinking of Federal Capital Gains Tax. Check with a Real Estate Lawyer or Broker. Some of the advice here is flaky.

You have to live in a house for 2 out of the past 5 years, and not purchased another home during the 2 years.

Its not Illinois you have to worry about its Uncle Sam.

Any gain you make on the sale of a primary residence that you have not resided in for 2 of the past 5 years is taxable as regular income, by the IRS.

In the state of ILLINOIS.. I am understanding that in order to buy a home to flip , you have to live in the home for 2 of the past 5 years, otherwise you will pay taxes on it as a regular income..

what if you rent the home after reconstruction for the two years, then sell it? are you liable for taxes then?

Thank you! Very valuable information and it gives me better knowledge on the topic

I'm not sure