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Selling my house!!!!

Kroze

Kroze

Diamond Member
I bought the house in 03 after coming back from iraq for $110k when i was 20. Now i'm in the process of selling it for $153k 🙂


I don't know what to do now....buy a cheap condo & hope to build up equity? because i'm going to be living by myself i don't think i need a big house.

or put the money into savings account?
 
I think if you don't roll the money over into another property within a certain time frame you are going to have to pay taxes on the gain....and I'm sure $40K is probably going to move you up into another tax bracket so you pay lots of taxes this year. 🙁
 
Originally posted by: jyates
I think if you don't roll the money over into another property within a certain time frame you are going to have to pay taxes on the gain....and I'm sure $40K is probably going to move you up into another tax bracket so you pay lots of taxes this year. 🙁
Click to expand...


i'm looking to buy a condo/townhouse outright from the profits. am i going to get tax if i do it that way?
 
did you really make 40k?

~7k paid in taxes
~6-9k paid to the agent who sells it
~10-15k paid in interest over the 2.5 years.

this also doesn't take into consideration the effect that inflation has.
 
same thing here. my parents bought a house in 1998 beginning of june for 210k and sold it for 500k in 2004, end of june. too bad house pricesare so inflated in n. va and they moved to another house in n.va.
 
Phoenix is insane right now. A friend of mine put money down on a house being built. He bought it for $166,000 8 months ago. He just moved in last month and the house has been appraised for $315,000.

Houses I was looking at in October of 2004 that were $150,000 then are now selling for $240,000.
 
I know people turning 300-500k in in 5-6 years right now; one bought at $155,00 and sold at $455,000 last week (held it 6 years, moving to Phoenix and already bought there)
 
Yeah, our house doubled the first two years...bought in 2002. In Fair Oaks outside Sacramento. A friend made 40K on his house here and he only owned it for 2 months.

Does nothing for me, though, because every other house has gone up that fast too. Unless I move out of state.
 
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