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Answers (9)
- NTETS, "Mr Caveat"
- Contributions:6436
well, i hope that your arm doesn't get too crazy... the fed rate is still at zero for a reason.
i would say wait until you can write off the gains and dump the 25% that would go to uncle sam directly into the upside house
and look into what wetdawgs said about "two of the last 5 years"
and the other thing i would say is consider throwing it on the market now, and maybe add 10% to whatever the realtor suggests. if it sells the first month(probably wont, but you'll never know, great, cap gains partly covered and if not , Aug 20th hits and PRICE REDUCED ! ! !
in this market, everybody feels like they need to be getting a deal. give them one...
0.02
i would say wait until you can write off the gains and dump the 25% that would go to uncle sam directly into the upside house
and look into what wetdawgs said about "two of the last 5 years"
and the other thing i would say is consider throwing it on the market now, and maybe add 10% to whatever the realtor suggests. if it sells the first month(probably wont, but you'll never know, great, cap gains partly covered and if not , Aug 20th hits and PRICE REDUCED ! ! !
in this market, everybody feels like they need to be getting a deal. give them one...
0.02
- ocalamls
- Contributions:12
The wise course in the matter is not to ask an agent at all. A CPA is in a better position to help you.
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- Victor Gurrola, "Victor T. Gurrola"
- Contributions:1190
I would talk to your tax adviser as the wise Man Trinidad Gaeta states.
- Trinidad Gaeta, "Trinidad.Gaeta"
- Contributions:240
I would advice you talk to your accountant regarding any tax matter as they will be able to give you accurate tax advice. Based on the how you've claimed this property is the past tax returns they'll be able to determine your best course of action.
Hope that helps, Good Luck.
Hope that helps, Good Luck.
- Scott Applegate, "Applegate Properties"
- Contributions:11
If you have capital gains that means you are making a profit, that can be a good thing in this market. I agree with Maria, you probably would have a tough time closing by September at this point anyway. If you list it now and find a buyer, work with your agent to ensure your escrow is long enough to avoid the capital gains. Good luck.
- Maria Kernahan, "Maria Kernahan"
- Contributions:22
Realistically, are you going to be able to sell your house by September? If you put it on the market today, chances are good that even if you get a quick sale, you'll be closing close to September. Check with a Realtor in your market to see what average market times are. In my neck of the woods, they are running at least 6 months, so if you put it on today, you'll be in great shape!
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
Look at the bright side. You have capital gains. I would be tempted to stay the full 2 years.....
- Elizabeth Russo, "ElizabethRusso"
- Contributions:42
This year would be a great time. The new laws on capital gain are going to kick in next year. Check them out and see :-)
- wetdawgs
- Contributions:26842
That is a question only you can answer for yourself. Talk to an accountant to run the numbers if you need some coaching on the subject and assess the impact of the capital gains taxes.
In order to sell with the capital gains exclusion of 250k single/500 k married, you must have had it as your principal residence for 2 of the last five years. So, if your stint out of state wasn't too long you may be able to count some of the previous time also.
In order to sell with the capital gains exclusion of 250k single/500 k married, you must have had it as your principal residence for 2 of the last five years. So, if your stint out of state wasn't too long you may be able to count some of the previous time also.
Should we sell our condo if we will have to pay capital gains taxes?
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