fighting118
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You can sell your property whenever you wish. However, there will be tax issues to deal with if you make money on the sale. Basically, you have to live in a home for two years to avoid capital gains taxes.........unless you automatically re-invest that gain into another property. This is called a 1031 exchange.
Check with a CPA in your area to discuss your options. |
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jimmy
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yes you can put it up for sale immediately. only thing is depending on where you live you have to pay capital gains on the sale if you realize any profits from the sale. |
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smartblonde
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You can but you'll get dinged with a big penalty on your tax return. |
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Kevin O
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Yes. Check with your local tax advisor for the duration of ownership requirement. You must own the property for a certain amout of time to avoid capital gains tax. |
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RiNgO
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Yes you can, but the taxation on the house would be much harcher than usual, because the taxman would see it as making money quickly rather than like a fixed deposit. |
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jon-o-than
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if you get it paid off |
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Bobbie
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sure.. it's no fun but you can do it. |
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bahamabreeze
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yes |
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tomtoride
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yes of course,if you purchased it cheap you'll make money but if you didn't well you'll lose a ton of money |
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Polo
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Yes, as long as everything has been finalised from the previous sale. |
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Bridget F
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Yes.
The only exception to this rule would be if you are a social housing tenant exercising the 'right to buy' in the UK. If you had a discount on the market price of your home, you would have to repay that if you sell within a certain period of time. You can stlil sell the house immediately - but there's a financial penalty. |
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?
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Yes but it's becoming more risky then it used to be. If you haven't lived in the house for 2 of the last 5 years you will have to pay capital gains tax on your earnings. And closing and real estate fees may eat up all your profits. There are all those TV shows on house flipping but they leave out all the financial details.
The real estate and mortgage brokers will tell you anything they want to get you to make them money so take info they give you with a grain of salt.
In general - its better not to sell your house if you have only lived in for a few months. If it is becoming too expensive for you alternatives are you can get a second job to pay your bills or rent out your house. |
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Jack Of All Trades
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It's all dependent upon which state you live in and their laws governing Real Estate. |
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blissman
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yes...even quicker than that. |
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wizjp
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Sure; people "flip" houses all the time. |
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kja63
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You can, but you may lose a lot of money that way. |
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recruiter74
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I think so. But if it's a second home you'll have to pay taxes on any profits if you sell before you have been there 2 years. |
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kewltazdude
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Yup - gotta make a profit doing something in life. :) |
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MICHAEL P
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Of course .... When I bought my first flat, I met my wife to be at the same time and as a result never moved in .... I simply put it back on the market the same day that I completed on the purchase. I came out with a few quid to spare but it was a great exercise in buying and selling!
But watch your costings .... will the sale price cover your agents fees, utility bills ( including council tax ), legal fees and any possible mortgage redemption penalty ( if you have one! ) ....... it would be silly to sell and lose money. |
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Marilyn Denise Y
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Yes you can....But if you are getting over 50k as a profit like if you bought it for 2k and want to sell it in 2months for 90k you will need to have a good explanation as to why? Unless the person buying is giving you cash then....nobody cares :) |
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Meg W
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Yes, but check the IRS for rules on capital gains. The amount of tax you pay depends on how long you held the house, if it was a primary residence, etc. See:
http://www.irs.gov/businesses/small/industries/article/0,,id=98921,00.html
for starters. |
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pageys
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Yes, you can. |
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champagne
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Yes but it would be pointless as the value may not have got any higher.Wait a couple of years,my first house doubled in price by then. |
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Sarah J
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yes soon as you complete you can resale. Ultimately it depends on the terms of your mortgage as well some have heavey penalties for getting out before 12 months. Hope thats helpfull. |
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gia b
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Yes and No.At times if it is a Condo, there may be a stipulation from the owner that you must hold the apartment for a certain amount of time before selling.However, if it is a free standing home ,I do not see why not. |
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Distorted Vision
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It's legal, but the taxes could be murder.
For example, You don't pay Federal taxes on the first 50k of Proffit from a house sale if it's been at least two years since you last sold a house that is your primary residence. |
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DJ
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who would do that |
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Danny
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We have a mortgage on are current property for the last 4 months but want to sell and buy a new house. Is this okay and would there be any clauses iff I were to come out with a little profit |
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