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re: Suburban NYC real estate profit

Posted on 6/24/15 at 5:51 pm to
Posted by yellowhammer2098
New Orleans, LA
Member since Mar 2013
3850 posts
Posted on 6/24/15 at 5:51 pm to
What is your basis for believing that you have a "10% increase in 5 months"? You'll also have to pay some fairly large taxes on that gain if you only hold the property for 5 months..
Posted by Snatchy
Member since Nov 2009
3281 posts
Posted on 6/24/15 at 5:59 pm to
10% gain in appraisal. I'm not looking to get out within 2 years unless it gets absurdly large. Closing costs/relocation were funded from my employer. I just want some advice on when to know that the market has plateaued.
Posted by GenesChin
The Promise Land
Member since Feb 2012
37708 posts
Posted on 6/24/15 at 8:29 pm to
quote:

You'll also have to pay some fairly large taxes on that gain if you only hold the property for 5 months..


If he declares it his personal residence before selling, there is a capital gains loophole. That is a can of worms though
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