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re: Buying new home - Renting current townhouse
Posted on 12/28/23 at 10:33 am to itsbigmikey
Posted on 12/28/23 at 10:33 am to itsbigmikey
First and foremost OP, you need to understand the 2 in 5 year rule. If you sell your townhouse now there is NO INCOME TAX owed up to $250k for single and $500k for married of INCOME from the home.
If you wait 2 years to do this, you will owe sales tax on your profit and its a cliff at the 2 year mark.
I don't think your idea of renting is a terrible idea with those numbers, but I do think its likely a terrible idea considering the amount of equity you have in the home as a personal residence.
If you wait 2 years to do this, you will owe sales tax on your profit and its a cliff at the 2 year mark.
I don't think your idea of renting is a terrible idea with those numbers, but I do think its likely a terrible idea considering the amount of equity you have in the home as a personal residence.
This post was edited on 12/28/23 at 10:34 am
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