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re: What should my tenants' new monthly rent be?
Posted on 3/21/17 at 3:28 pm to StringedInstruments
Posted on 3/21/17 at 3:28 pm to StringedInstruments
Since you aren't sure, you will not be paying any capital gains tax on a sale. The first $250,000 in gains (not merely proceeds) are tax-free if you are single, $500k if married filing jointly.
There will be other costs involved of course, but capital gains isn't one of them.
There will be other costs involved of course, but capital gains isn't one of them.
2
Posted on 3/21/17 at 3:35 pm to foshizzle
quote:
quote:
My mortgage is $1200/month and my tenants are currently paying $1250/month
What's the big deal? So there isn't profit being generated, but someone else is for all intents and purposes is paying your mortgage. What's bad about that?
Posted on 3/21/17 at 4:15 pm to foshizzle
quote:
Since you aren't sure, you will not be paying any capital gains tax on a sale. The first $250,000 in gains (not merely proceeds) are tax-free if you are single, $500k if married filing jointly.
That's only for primary residences, this is not at the moment so unless he lived there 2 of the last 5 years (may be 3 of the last 5) that's a no go.
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