Signed
Today I signed officially with my realtor. Perhaps this will be the last time I trust him. He plans to put it on the MLS (multiple listing service not major league soccer) on Monday, Feb 12th asking 415K. You should be able to see it on websites after that.
I was curious about what tax implications this might have, and the web research seems to point to none. This link says I can sell my place and make tax free capital gains profits of up to 250K and not pay any taxes. (Since I paid 168K, if I sell it for 400K, no tax). If you know the rules to be different than this, please let me know.
3 comments:
If I were you, I'd totally register with Major League Soccer.
You can book a capital gain on any real estate sale up to $250K with no tax. Used to be it was only the first time, now that's the rule on every sale you make...provided it was your primary residence or lived in it for a certain portion of each year. No investment properties.
Thanks for the confirmation battlestar. You had just sold recently, so you would know.
FYI - I had been playing with the settings, and I had it so that comments did not show immediately...I have turned that off now, so if you post a comment it will show up right away.
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