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Ready to Sell |
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We want to sell our house, we are both over 65, we have been here going on 4 years. Did they change the law about how long you have to stay in a house without capital gain ?Also we paid more for the house than we should have thanks to a really ignorant relator who didn't check prices, and we had to invest 9,000 on a roof and also 4,000 on furnance which the people lied about and the inspector didn't catch it , Now I feel we are going to lose it all , if we try to get even what we paid for it..Don't know what to do...Thanks |
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You have owned and occupied the house long enough to take your profit free of capital gains tax on up to $500,000.
As for price -- you don't set your price by how much money you have in the house. You must find out what buyers are paying for similar property in your neighborhood, and go by that. Otherwise nobody will come to look at your place, much less put in an offer. |
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Edith
Originally published on February 7, 2008 |
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