You are here:
Buying or Selling a Home/When to sell?
Advertisement
Question
We sold our first house in March of last year to my brother & sister in law. We "rented" from them while our house was being built. We moved into our house the end of July. DO we need to stay in our house until this July to avoid Capital gains tax? We found a house we would like to purchase but aren't sure if we should wait to do that? Also, with the market being what it is, would we be better waiting until spring to sell?
Dear Angela;
I can't imagine that you will have to worry about capital gains when you haven't lived in the home very long. I think that with the commissions and costs of moving you might lose money. I would certainly wait for the Spring Market to sell your home since the prices are a little flat right now. You should also talk to your accountant to decide about tax advantages or disadvantages. Once you have evaluated everything you can better decide if the move is worthwhile right now. However, I hasten to say that not everything is about money. If you found a home that is perfect for you, then you should consider the move based on your needs, desires, and whether or not to let that home slip away. Will there be more just like it? Is it priced so well it might be worthwhile to lose money on your existing home? All of these things are important factors.
Good luck and best wishes,
~Jessica Bryan
Related Articles
- Selling Your Home - Capital Gains Tax on the Sale of a Main Home
- Nashville About.com presents Financial advisor Dave Ramsey March 28th 2005
- Tax On Home Sale - Will I Pay Tax On My Home Sale
- Sell and Move - 15 Reasons Why Home Owners Sell and Move - Need a Reason to Sell Your Home?
- What Do You Think about Taxes and the HGTV Dream Home?
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
©2012 About.com, a part of The New York Times Company. All rights reserved.