Posted by dealmaker on April 09, 2006 at 23:31:32:
Thanks Dave; glad you had the time to answer this week. Well it won’t be LT cap gains because I’ll only have owned it for about 2 months.
I understand that the loan amount doesn’t affect the gain (normally). However in my case I’m selling for $2K down payment to buyers who only care about the monthly payment, not the cost of the home. So the loan amount IS the sales price, less the down payment. This way I get a better payout in 5 years.