At 77 ready to sell home
Terry when I sell my home and buy a condo would it be wise to pay for my condo in full with the money I have made from my home? My home has been paid for for many years.
Terry Says
Well, first check your potential tax liability on the sale of the home. A single filer can exclude up to $250,000 in profits from capital gains taxes. If you bought your home long ago, you might have a larger gain. You can reduce that gain by remembering to add to your cost basis all the improvements you made over the years to your home.
At this point, with mortgage rates so high, I’d pay cash. And you might not even qualify for a mortgage if you don’t have earned income.
