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How To Sell A House |
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Dear Edith: I have a question for you on a rental house that I have owned since 1979. I have been out of work on disability since March, and now my husband and I are talking of selling the rental, it is located right next door to our house. I know next to nothing about capital gains or about what I have to do to sell the house and not find myself in any trouble. The house is just in my name, and I am 55, and have never sold real estate before. I sure hope that you can help me out. I have probably left out some important information. |
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It’s not clear what you’re asking, but in general, my advice is to call three different real estate companies that are active in your neighborhood. Get the phone numbers from nearby "for sale" signs and read classified ads. Ask if they’ll send someone over to talk. You'll have no obligation and you can learn a lot from the agents who come over. They'll give you price recommendations and explain the whole process. Then list the property for sale with whichever you feel most comfortable with, the one who inspires the most confidence. I hope that as a real estate investor you have an accountant to help with tax preparation, and that's the person to advise you now. Some of your proceeds will be tax-free, some taxed at no more than 10 or 15 percent federal, and some at 25 percent federal. State taxes are lower. Your age has no bearing on the tax situation.
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Edith
Originally published on September 25, 2005 |
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