House or Condo in UC?

[sdrealtor]

Consult your tax advisor but no tax hit. Rent.

[werewolf34]

Yes and no, I believe the 1st 500k in capital gains (appreciation on your house) is tax-free provided it is your primary residence for the last 3 or 5 yrs.

If this is not the case, you have 6 months to use your capital gains to buy another property before the govt takes long-term capital gains (15% tax). This is called a 1031 exchange

I am not an accountant or tax attorney so take it all with a grain of salt

[werewolf34]

Yes and no, I believe the 1st 500k in capital gains (appreciation on your house) is tax-free provided it is your primary residence for the last 3 or 5 yrs.

If this is not the case, you have 6 months to use your capital gains to buy another property before the govt takes long-term capital gains (15% tax). This is called a 1031 exchange

I am not an accountant or tax attorney so take it all with a grain of salt

[werewolf34]

Yes and no, I believe the 1st 500k in capital gains (appreciation on your house) is tax-free provided it is your primary residence for the last 3 or 5 yrs.

If this is not the case, you have 6 months to use your capital gains to buy another property before the govt takes long-term capital gains (15% tax). This is called a 1031 exchange

I am not an accountant or tax attorney so take it all with a grain of salt

[werewolf34]

Yes and no, I believe the 1st 500k in capital gains (appreciation on your house) is tax-free provided it is your primary residence for the last 3 or 5 yrs.

If this is not the case, you have 6 months to use your capital gains to buy another property before the govt takes long-term capital gains (15% tax). This is called a 1031 exchange

I am not an accountant or tax attorney so take it all with a grain of salt

[werewolf34]

Yes and no, I believe the 1st 500k in capital gains (appreciation on your house) is tax-free provided it is your primary residence for the last 3 or 5 yrs.

If this is not the case, you have 6 months to use your capital gains to buy another property before the govt takes long-term capital gains (15% tax). This is called a 1031 exchange

I am not an accountant or tax attorney so take it all with a grain of salt

[Scarlett]

[quote=singlemom]I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?[/quote]
I don’t know if it is, but if it is, ask a financial advisor in what to invest SAFELY. RE is not it, I am afraid.

[Scarlett]

[quote=singlemom]I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?[/quote]
I don’t know if it is, but if it is, ask a financial advisor in what to invest SAFELY. RE is not it, I am afraid.

[Scarlett]

[quote=singlemom]I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?[/quote]
I don’t know if it is, but if it is, ask a financial advisor in what to invest SAFELY. RE is not it, I am afraid.

[Scarlett]

[quote=singlemom]I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?[/quote]
I don’t know if it is, but if it is, ask a financial advisor in what to invest SAFELY. RE is not it, I am afraid.

[Scarlett]

[quote=singlemom]I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?[/quote]
I don’t know if it is, but if it is, ask a financial advisor in what to invest SAFELY. RE is not it, I am afraid.

[singlemom]

I just did a quick check on CL and rents are higher than what I calculated a mortgage payment to be. On homes in the same size range as I thought I could get into. Nicer, better maintained and upgraded, but still….

[singlemom]

I just did a quick check on CL and rents are higher than what I calculated a mortgage payment to be. On homes in the same size range as I thought I could get into. Nicer, better maintained and upgraded, but still….

[singlemom]

I just did a quick check on CL and rents are higher than what I calculated a mortgage payment to be. On homes in the same size range as I thought I could get into. Nicer, better maintained and upgraded, but still….

[singlemom]

I just did a quick check on CL and rents are higher than what I calculated a mortgage payment to be. On homes in the same size range as I thought I could get into. Nicer, better maintained and upgraded, but still….

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