Re: Pay Capital gain or hold on - Posted by Rosemary
Posted by Rosemary on November 24, 2002 at 20:31:22:
Still don’t think I want to attempt the reverse.
What is the shortest time frame for a closing?
Can we close in less than 10 days?
If we get a buyer and are able to close before obtaining the relacement property (by the end of the year)we might still be able to do the 1031. Otherwise I think we should pull the condo off sale and hold on to it.
We are looking into qualifing for a mortgage on the new condo. We might still be able to get the old condo rented for season.
Read on this board somewhere that since we will eventually have to pay the gains (since we may not want to continue the reinvesting process) might as well do it now and get it over with.
One last consideration, we also own another condo near our home and thought that some day we could sell it along with the old condo, invest in a larger one, rent it for 2 years (to save the capital gains) than change status to permanent residence and sell our home.
Would this solve the problem of paying the capital gains?
Investment wise we won’t lose any money and may be able to come out ahead in the long run.