Sell Or Rent
Hi ,
I've got a dilemna - not sure how to handle
Bought a house July 03 - paid 170K put about 22K into finishing touches -deck, basement etc.. payment is about 850/mo with 5/1 arm I financed 135K Home is currently worth about 250K I have 115 in equity
I just bought another home in a new community in which I'd rather live
I could rent the home I'm in now for about 1500-1600/mo or sell and make nice profit
My issue is do I take the tax hit or hold onto the home
Not sure if I'll ever move back into to get to the mandatory 2 out of 5 years.
Are their any loopholes? I'd rather sell this home and stick to renting my lower end properties
Thanks for help
By all means sell, take the tax hit while you can enjoy the low capital gains tax rates. You have already made up your mind to sell anyway.
Not sure why you posted this question in the Landlord forum when you only seem to be asking whether or not you can take advantage of a loophole (a tax loophole?) when you sell.