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timing question

Started by kimerama
about 16 years ago
Posts: 158
Member since: May 2008
Discussion about
If someone knows that they are going to put their Brownstone Brooklyn condo on the market in the next 12 months and buy a new apt (bought last March hopes to be in contract by next March but not before then as not to be penalized tax wise) would it actually be best to sell sooner instead of waiting in this market? I mean the tax hit in selling under two years and not meeting any of the capital gains exclusions may be worth it if interest rates continue to rise on the next buying end, maybe? We are talking 500K range.
Response by lo888
about 16 years ago
Posts: 566
Member since: Jul 2008

$500K sale price or gains?

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Response by kimerama
about 16 years ago
Posts: 158
Member since: May 2008

Sale price and probably the same range for next apt to buy as well. Gains would probably be around 70K (minus closing fees on both ends which would be about 25K [which I guess could be deducted if sold in under two years]) based on comps.

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