Today I’d like to talk to you about something that’s very important when deciding whether to rent your property out or simply sell it. A big factor to look at is the capital gains tax.
One of the benefits of having an owner-occupied property is that after two years of living there, you have three years to sell the property without having to pay capital gains taxes on the first $250,000 of the sale price if you’re single, and $500,000 if you’re a couple.
It’s a good time to evaluate your next move.
It’s really important when looking at the equity in your property to understand how your money is working for you when that property converts to a rental. It involves finding out the current rental rate of the property, what your monthly payments are, and how much capital is tied up in that property. From there, we can figure out if it’s a good investment for you to hold it in rent, or to cash out before you have to pay taxes on it. It’s very easy to do, it just takes a little bit of time.
Each property is different, and I’d be happy to go over your individual situation with you. If you have had a property for a few years and are debating whether or not to rent or sell it, it’s a good time to evaluate that next move. If you would like my help, or simply have any questions, I’d be glad to answer them. I look forward to hearing from you!
Author:Patrick Southern Phone: 201-232-3381 Dated: April 18th 2016 Views: 770 About Patrick: ...
Professional New Jersey Realtor Associate Patrick C. Southern, is a seasoned veteran boasting 20+ solid years of experience (and has been a top producing agent for the past 10 years consecutively). Presently, Patrick is procuring sales in a wide range of areas across North Jersey and is the #1 producing realtor in Hudson County with over 2000 homes sold throughout his career to date. Impressively, in today's rapidly changing real estate market Patrick's business has actually increased by 20% every year for the past 4 years.
Patrick's success in closing transactions can be attributed to a multitude of significant factors including his exceptional work ethic, his continuous effort to educate himself in his field daily, his highly qualified team (including buyer's agent & transaction manager) and his extraordinary database of resources in his fie ld, related to his field and beyond.
Being a lifelong NJ resident, experienced realtor, property owner and investor himself, Patrick has a deep rooted understanding of the NJ market; but most importantly, Patrick always has his clients’ best interest in mind and by setting realistic goals Patrick is able to not just list your home but ultimately sell your home. Patrick is best known for his proactive approach to sales and his undeniable ability to get the job done.
Downtown Jersey City homeowners nervously welcomed the New Year cogniz
"Anthony helped me purchase my first home (a 2 bed, 2 bath condo) in Hoboken in July 2015. To rate him a 5* is an understatement. Having lived in Hoboken for eight years and had friends buy places during my time there I thought I knew what I was doing, but having Anthony help me throughout the process proved to me why you MUST work with a realtor that knows the area in which you are looking.
Being my first home buying experience Anthony did an incredible job of laying out the home buying process and walking me through each step - he was even able to recommend professionals in other areas for me to work with throughout the process (mortgage broker, lawyer, even a painter)! He even dealt with my NUMEROUS questions (at all hours) and did so promptly and with a smile!
Most importantly he listened to what I was looking for and only showed me properties that appealed to me and made sense.
Working with anyone besides Anthony to find your next home would be a huge mistake!"