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Question about equity from home sale
Posted on 9/22/14 at 10:30 am
Posted on 9/22/14 at 10:30 am
Possibly selling our home, to move into a family home (no rent cost). The plan is to take the equity that we already have, save up and use that to make down payment on a new home in several years.
That equity is taxable right away?
And best advice about where to put that money, about 30K now.
Sorry if this is a basic question....
That equity is taxable right away?
And best advice about where to put that money, about 30K now.
Sorry if this is a basic question....
1
Posted on 9/22/14 at 10:43 am to GeauxWolfpack
If you lived in the house 2 of the last 5 years, any gain up to 500K (250K if you are single) is tax-free. Less than two years, you may still be able to shelter some/all of it.
Note gain isn't the same as equity.
As for what to do with it... I'd keep it fairly safe.
Note gain isn't the same as equity.
As for what to do with it... I'd keep it fairly safe.
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