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I’m looking to sell my home in a couple years to drastically reduce the costs of my business (see additional reasons in the next post, if interested). Naturally, I’m starting to plan ahead, so that I can be ready by that time. As of now, there are a couple obstacles that are preventing me from doing it much sooner. If I can overcome those challenges, I could sell my home this year.
1) Capital gains tax. I’m pretty sure that I would have to pay a capital gains tax, since I’ve owned the home for less than two years; although, I lived here in two of the last five years (not as an owner). On the other hand, even within two years, I’ll have very little equity, and I don’t anticipate any appreciation. Is the capital gains tax significant enough to wait out the two years? I have the cashflow to cover it indefinitely, but getting out sooner than later would be better, obviously.
2) Realtor fees. Of course, this could be easily avoided by simply not using a realtor, which I would probably have to do, since I wouldn’t have enough equity to pay them. How else could I sell my home then? Last time, I got extremely lucky, randomly bumping into someone who fit my situation perfectly. The previous owner fixed everything up like new, except for the carpet, but that’s not a big deal. I would think that in this market, it would be challenging for me to get my asking price. What do you think?
That’s all that is in my way. If I can overcome those challenges, I can cut my costs in half by the end of the year, before the rough winter season. I would love to discuss some possible solutions to these problems.
Thanks for your help.
See my next post for why I’m doing this. It’s possible that by reading it, you may find a better solution than simply selling my home.
1) Capital gains tax. I’m pretty sure that I would have to pay a capital gains tax, since I’ve owned the home for less than two years; although, I lived here in two of the last five years (not as an owner). On the other hand, even within two years, I’ll have very little equity, and I don’t anticipate any appreciation. Is the capital gains tax significant enough to wait out the two years? I have the cashflow to cover it indefinitely, but getting out sooner than later would be better, obviously.
2) Realtor fees. Of course, this could be easily avoided by simply not using a realtor, which I would probably have to do, since I wouldn’t have enough equity to pay them. How else could I sell my home then? Last time, I got extremely lucky, randomly bumping into someone who fit my situation perfectly. The previous owner fixed everything up like new, except for the carpet, but that’s not a big deal. I would think that in this market, it would be challenging for me to get my asking price. What do you think?
That’s all that is in my way. If I can overcome those challenges, I can cut my costs in half by the end of the year, before the rough winter season. I would love to discuss some possible solutions to these problems.
Thanks for your help.
See my next post for why I’m doing this. It’s possible that by reading it, you may find a better solution than simply selling my home.
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