Profits from sale of second home
We just sold our second home in Florida -no mortgage- we have residency in Illinois. We are not sure what we want to do yet -as far as buying another vacation home – we just had a grandchild and will be spending more time in Illinois. What is the best way to invest the profits from the sale of the home while we decide? Should we just put it in our Savings account while we wait?
Terry Says
That depends on how much of this money you’re willing to risk! I’d suggest just putting it in a bank CD, where you can’t lose any of it. Remember, it is a second home and depending on how long you owned it, you will owe capital gains on the profits, since it is not your primary residence. Consult your tax adviser.
