Posted by Marn on February 09, 2002 at 11:14:42:
I was asked: “Have you calculated the gains taxes you’d have to pay if you sold? Would selling the condo still pay off your revolving credit?”
Selling the condo would pay off the revolving credit, basically what is charged on the credit card is school tuition, a down payment for our third house and moving expenses, so I don’t think we would charge our credit cards back up unless we needed lots of money all the sudden for buying more houses. We tend not to charge unneccessary expenses on the credit card.
Since we lived there right at 2 years within the last 5, we would fall under the exclusion of paying federal taxes on selling a house we used as a principal residence. We have another year to think about selling it to gain this exclusion in paying taxes.
I’m expecting a child and would like to stay home, but at this point with the debt, I have to continue to work until my husband makes more money.
Thinking about holding on to it, it would be nice to know we would own a property free and clear in 11 years.