should i sell both house with 6 months a part?
488571
You will need to wait a year.  You can sell your california house now and exclude 500K assuming your wife also qualifies.  \n\nWhat you might be able to do is you use 250K on the California house and your wife could use 250K exclusion on the Phoenix house in 9 months.  \n\nI would consult with a tax advisor in either case.
149330
I dont think you have any time.  If the house was lived in less than two years, you always pay capital gains. Always check w/ your financial advisor or lawyer, but I think the min. is two years.
1087674
there is one question you have to answer, Is it putting money in your pocket or are you losing money every month? understand the difference of your liabilities and assets....if you dont have to fork out money at the end of every month to pay for the house then rent the house, if so, sell it.....
627180
Well right now it's starting to become a buyer's market. Houses are not selling like hotcakes right now. They are staying on the market longer. This is an advantage for you because prices can be negotiated in your favor. I would wait a few more months and see where the market is then because it hasn't quite changed totally.
1084312
that's a great question - I'll be doing that in two years....Obviously, you can't depreciate primary residence....if your rental property becomes your primary for 24 months in a 5 year period, when you sell w/in that 5 yr period, you get the Capital gains exemption and just lose all the rental deductions you "enjoyed" to date.
259251
I found this online - may be helpful - it's from 2 years ago but should still be generally applicable.  You should talk to a realtor.  \n\nHardship Can Reduce Capital Gains Tax Liability\nby M. Anthony Carr\n\n\nIf you sold your home last year you may owe capital gains taxes if you didn't meet certain criteria. The basics of exempting home sale capital gain from taxes is two fold: \n\n\nYou owned the house for at least two years, and \n\nYou lived in the home as your principal residence for two years out of the last five. \nIf a home seller doesn't meet this ownership and use criteria, then he or she may owe taxes. Frankly, the floor of the gain when taxes begin is so high that most homeowners will never owe capital gains taxes if they meet the two above exemptions. When you consider that the average home sale in 2003 was about $170,000 across the country, then that means most gain from houses sold in the U.S. will never be taxed. For single home sellers, the gain exclusion is $250,000 and for married tax payers, it's $500,000. \n\nHowever, you could owe taxes on less than that amount of gain if you don't meet the two-year exclusion test stated above. Thus, if you bought a house in 2002 and sold it in 2003, you may owe capital gains taxes. The issue of how much you could owe, depending on when you sold the property and for what price, is a book in and of itself. Especially when you consider that the capital gains tax rates changed last year with the new rates going into effect May 6, 2003 (any taxes on gains realized before that date are based on the older, higher rates). \n\nThis column is going to deal with the exemption rules above and how you may be able to bend them or waive them altogether. \n\nThe IRS is not heartless and for some homeowners who had to sell a house in less than two years, it may be possible to claim an exclusion but at a reduced amount, if certain criteria are met. This should answer the question from many of my readers who just can't believe that they might owe taxes on the sale of their home that they lived in for just a year. Well -- you might not owe those pesky taxes, if any of the following reasons are true. \n\nIf you did not meet the ownership and use tests, but the primary reason you sold the home was: \n\n\nA change in place of employment; \n\nHealth; or \n\nUnforeseen circumstances. \nYou may be able to avoid taxes, but you'll not get the full exclusion of $250,000/$500,000. The reduced exclusion is based on a calculation that you can find in IRS Publication 523, which takes into account how long you lived in the house and how long you owned the property to come up with a reduced exclusion amount. So instead of $250,000, it might allow you to exclude $100,000, for instance. \n\nFor those wanting a reduced exclusion because of change of employment, you'll need to at least substantiate that: \n\n\nThe change occurred during the period you owned and used the property as your main home, and \n\nThe new place of employment is at least 50 miles farther from your home than the former place of employment was. \nThe IRS will accept your call for a reduced exclusion for health reasons "if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual," according to Publication 523. Now a qualified individual doesn't have to be the head of household or spouse, it could also include any of the family members listed below: \n\n\nParent, grandparent, stepmother, stepfather; \n\nChild, grandchild, stepchild, adopted child; \n\nBrother, sister, stepbrother, stepsister, half brother, half sister; \n\nMother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law; \n\nUncle, aunt, nephew, or niece. \nHowever, the health card cannot be used if the sale of the house merely benefits a qualified individual's general health or we
520904
100%... wait!!  I just sold my home in Nor Cal.  I'm moving to AZ.  Both have been hot markets, and prices are declining.  I'm going to rent for 6-12 months, and hopefully save 50-100K.\n\nSo if you have no need to buy yet... hold on as long as you can.  Real Estate Cycles are sometimes 15 years, so the decline that is just starting might go for 3-4 years.\n\nPlus, interest rates have already bumped up 16 times.  At most, we might see 3-4 more bumps.  Hopefully only 1 or 2 more.\n\nWait, and save your money!
138462
Lots to consider, what is the appreciation in the community that you are living? What does it look like for the next five years? With home ownership your interest is a deduction from your ordinary income? What is your present rent? Over 5 years.?\n\nWhat are present market value of the sold homes?\n\nGenerally home ownership is the way to go.\n\nGood Luck
965300
It could be, but it depends on the market where you are and how much you pay for it initially.  I bought a house 8 years ago for $230,000 and sold it for $430,000 7 years later.  The market was really a seller's market (about 18 months ago) and I had done a few upgrades (new windows, added a deck, new carpeting, etc.).
821069
For now, all I think that you can do is RENT the HOUSE. At least rent it out for the mortgage payment. Call the Real Estate Agent,and tell him. See what your "contract" allows. There are some Real Estate Companies that offer to buy the house if they can't sell it in 3-months! At least we have that in Canada. Make sure that when things settle down, that you take legal action against your EX - in Civil Court. There are many Lawyers that will take your case, and not Charge you until the end result! Look into that. I am so sorry about what happened to your little girl. Are you getting some help for her? I hope so. I bet your kicking yourself, once again I tell young people, to go slow, in relationships, especially where there are children involved. One Never Knows. Possibly, you could speak to your bank and see about "bridge financing" - if you qualify, the Mortgage would be paid, through Bridge Financing, and when the House is sold, the Mortgage Company gets their money first. The Lawyer, who closed, all costs, and the leftovers (if there is any) go to you. That is about  as much as I know you could try. Good Luck, and God Keep you and your Children SAFE. Maybe I am the first, Merry Christmas, and a Happy and Prosperous New Year.
1065155
I would buy an investment property or two, then put the rest in some type of money market fund earning an average of 10% or more. The Rule of 72 states that any money invested @ 10% will double every 7 years.\n\nIf you used 100k of that 400k, on down payments on one or two investment properties to create you some month to month cash flow, and build long term equity. Then the other 300k in a fund, in seven years you'll have 600k, 14years 1.2mil, 21years 2.4mil; geez your retired good for you!!
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
84275
If your family is financially stable, I would sell anything that you don't need, use or whatever needs to be replaces.  Key word - sell, don't give it away.  If you are moving because your parents got a new job, have the new company pay to PACK and MOVE your stuff.  Do some research online about shipping cars and large furniture pieces. It may not be as expensive as you think.
834029
=as a CTP, I would recommend renting one out for the tax write offs and would move into the cabin for 2 years and then sell that which will probably be tax free if it is your principal residence for 2 out of 5 years.    So move in as you have 2 years to clean out and clean up.  Happy Thanksgiving.
32077
Remember you only make money when you BUY a property, not when you sell it.  That means that you have to "make" your money when you buy the house.  Make sure you have enough equity in the house upfront to:\n\n1.  Repair the house for sale.  This includes all remodeling, landscaping, etc.\n2.  Carry the costs of ownership of the house while the repairs are happening.  If you take 45 days to repair the house, make sure you have 2 months worth of mortgage payments onhand.  This is called "carrying costs"\n3.  Pay the real estate agents.  Typically you will need to pay between 4-6% of your selling price in commissions to sell the house, depending on your area.  If you don't use a realtor, you can save that fee, but you might not get your property sold in a timely fashion and may eventually get less money for the house.\n4.  Cover the capital gains tax.  Remember, short term flips are taxed at 25% federal and (in CA) 9% state.  Make sure you get sound tax advice before you spend your profits.\n\nA good rule of thumb is to find out what the comps are like in the area, offer 70-80% of the comp value (this is CA, by the way .. if you aren't in a "hot" market, like CA, HI, FL, NY, etc, then offer 50-60%).  This should give you enough room to carry the loan, rehab the house and, to quote The Steve Miller Band, "Take the money and run!"
936376
Yes, you can sell part of your title if you wish.\n\nAre you saying that the part you'll be retaining will be flying freehold, or the part you'll be selling?\n\nIf it's the part you're selling, you may be better off granting a long-term lease rather than selling the freehold. It's very hard to get a mortgage for a freehold flat or maisonette and the burden of positive repair covenants (for example) wouldn't bind subsequent purchasers and the buyer may have a problem if the shared roof, say, needed repair.\n\nIf it's the part you're retaining that will be flying, see if you can sell the freehold reversion and have a lease granted to yourself.\n\nI can't really picture the problem, you'd be best to consult a good conveyancing solicitor.
32024
Refi may not be your best option. If you plan on staying in the house for at least 2 more years, get a home equity loan to make your improvments. Costs are less than a refi and you get the money sooner.\n\nYou say you may sell soon. It's important to note that it's hard to recoup your costs of selling in a two year time frame (depending on where your home is located). The East and West coast areas of the U.S. have appreciated alot in recent times.\n\n\nMaking improvements to a bath and kitchen are smart for resale. When thinking about improvements only make the ones that will pay you back $2 for every $1 invested.