Should I sell my townhome to get out of debt? If I sell, I could walk away w/ $80K at least. I owe about $40K to all debts besides student loans? I'd be renting again of course. I've live in this townhome 4 years. The value went up drastically!
Well ... hi there Roni. How's the practice goin? That might sway my decision. As long as gain from the sale of your principle residence is rolled back into a principle residence it remains untaxable. If you use that money for anything else it may be taxable. You'll want to look into, and consider this before you make your decision. I believe I'd do it if you could make up the money within the time frame, I think 2 years, and lump sum it back into your new residence. This would negate the tax ramifications. : )
Why don't you just refinance and consolodate your debt? It's almost always best to own vs rent. Then you can keep your condo (and your tax write off, which will now be larger with the higher loan amount).
"As long as gain from the sale of your principle residence is rolled back into a principle residence it remains untaxable. If you use that money for anything else it may be taxable." Actually, that went out, if I remember, with the '96 tax bill. It's first $250k of cap gains not taxable if single, $500k if married, as long as it's your principle residence, and you have lived in it 2 of the last 5 years. Rolling back into a principle residence is no longer required, nor does it give any tax benefit.
Roni....how is it going? How's the business. I was really serious many moons ago about my dental work. Catch up with me. I was an old creditnetter with you. So hard to jog your memory I am sure, however, I was the one willing to use your services all the way from Atlanta. Talk to you soon.
I came out of hiding to say hi to Roni! Email through here because my email address you have isn't wroking.
