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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Buying and Selling Q
If you are doing both....
Should you do it in the same year due to tax purposes?
ETA...this may be an issue for us since we are selling and who knows when i will find my dream home so...if the year is up does that mean my taxes will go haywire?
Message edited 9/12/2005 10:56:05 AM.
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Posted 9/12/05 10:55 AM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying and Selling Q
Nothing should change with your taxes. As long as you own your current property for over two years you don't pay any capital gains taxes.
Buying and selling in the same year really is no different than just selling or just buying. It doesn't change anything major.
I bought and sold in 2003. I will be doing the same in late 2005.
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| Posted 9/12/05 10:59 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Buying and Selling Q
Yes if you buy and sell i understand that...
BUT say i sell in Nov....
And not buy till Jan
Will i have to pay alot in taxes due to the sale of the condo in the year 2005.....??????????
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| Posted 9/12/05 11:01 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying and Selling Q
Posted by Redhead
Will i have to pay alot in taxes due to the sale of the condo in the year 2005.....??????????
LOL... there are NO taxes you pay if you own for 2+ years and don't have gains higher than 250k. You pay ZERO... ZIP... NADA.
You have nothing to worry about... trust me. 
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| Posted 9/12/05 11:04 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Buying and Selling Q
thanks
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| Posted 9/12/05 11:12 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying and Selling Q
So you are selling first.... moving to some temporary housing... then buying?
Thats rough. Why not a HELOC on the current property?
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| Posted 9/12/05 11:13 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Buying and Selling Q
Posted by DjPiLL
So you are selling first.... moving to some temporary housing... then buying?
Thats rough. Why not a HELOC on the current property?
YES....i want to sell ASAP....But if i do not find MY house right away then i am going to wait for it...
What is a HELOC?
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| Posted 9/12/05 11:19 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying and Selling Q
Home Equity Line Of Credit.
I would consider doing the same thing... but man that means I would have to move twice. Thats tough. 
Good luck though.
Any reason why you want to sell your current place ASAP?
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| Posted 9/12/05 11:24 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Buying and Selling Q
yea moving twice ***** but i am ok with it...
We want to sell ASAP just because we feel this is the best time...We are hoping to find a home in the VERY near future but are just covering all bases in case we don't.
ETA....i just don't want to settle on a house just because we sold. I don't want that kind of presure...I am not going to spend all that money on something i am so so about....So we are willing to wait a bit more to get what we want
Message edited 9/12/2005 11:27:42 AM.
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| Posted 9/12/05 11:26 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying and Selling Q
Fair enough. Good luck with it. I am hoping to have my co-op sold either this week or next.
I had the sales agent from my co-op at my place on Sunday to check it out. Also had the top MLS co-op seller of Queens check it out too.
Both of them said my co-op is the nicest 2br co-op in my complex thats currently on the market. 
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| Posted 9/12/05 11:27 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Buying and Selling Q
GOOD LUCK!
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| Posted 9/12/05 11:28 AM |
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