Should You Sell Or Rent Out Your Property

Should You Sell Or Rent Out Your Property

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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!

Patrick Southern Headshot
Phone: 201-232-3381
Dated: April 18th 2016
Views: 779
About Patrick: ...

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