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Message
re: Best option with house sale profit
Posted on 2/27/19 at 11:44 am to Upperdecker
Posted on 2/27/19 at 11:44 am to Upperdecker
Won’t he have to recognize the gain from the home sale as taxable income?
He won’t get the benefit of a like-kind exchange if he uses it for anything other than a home purchase.
However, if you have high interest rates on any debt, this could make sense for you.
He won’t get the benefit of a like-kind exchange if he uses it for anything other than a home purchase.
However, if you have high interest rates on any debt, this could make sense for you.
3
Posted on 2/28/19 at 2:04 pm to lynxcat
No tax if the proceeds are less than 250k single and 500k married.
Posted on 2/28/19 at 2:04 pm to lynxcat
He didn’t make a large enough profit for it to be taxable assuming it was his primary residence for I think 2 years
Posted on 2/28/19 at 2:21 pm to lynxcat
quote:Tax free as long as he's lived in the house as his primary residence for at least 2 of the previous 5 years.
Won’t he have to recognize the gain from the home sale as taxable income?
OP - payoff all your credit card debt starting with cards that have highest interest rates
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