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re: Selling stock to buy foreclosure
Posted on 1/4/24 at 8:28 pm to Drizzt
Posted on 1/4/24 at 8:28 pm to Drizzt
Just run it against your 2022/2023 income. If you’re going to eat taxes on $30k in gains you’re looking at possibly 20% in taxes (15% fed and 4.25% state in LA assuming a 22% federal tax bracket). Thats almost certainly less interest than you’ll pay on a 6m HELOC.
2
Posted on 1/4/24 at 8:54 pm to slackster
You’re right. I hate paying 10% for a HELOC but taxes are higher. Just have to pay it down quickly.
Posted on 1/6/24 at 8:28 am to slackster
No way to know his tax rates with the info he gave. But agree with your earlier rep!y. If he can pay loan back in short period as described, then would go that route.
A side benefit to this scenario is that he is keeping his stocks working for him while paying off the debt. It is too easy to sell investments and not keep the proceeds invested in something different.
A side benefit to this scenario is that he is keeping his stocks working for him while paying off the debt. It is too easy to sell investments and not keep the proceeds invested in something different.
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