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-   -   Want to sell property and homes to get out of debt (https://www.askmehelpdesk.com/showthread.php?t=575204)

  • May 8, 2011, 12:30 PM
    relayer5
    Want to sell property and homes to get out of debt
    I want to combine 10 acres and 2 homes which includes a inground pool and a building that has a 2 car garage and a game room. I want to sell all of it for $650,000.00. I owe about $350,000.00 on the properties which I want to pay off and take maybe about $200,000.00 on new home and whatever is left in a IRA. If I was to do so, would it hurt me with taxes or is this a dumb idea to begin with?
  • May 8, 2011, 12:46 PM
    joypulv
    Your question brings up too many questions; see a tax advisor or possibly a veteran real estate agent (who will want the listing and will jump through hoops for you).
    Not your primary residence: capital gains ('gain' you have to calculate from basis, etc.).
    Married excusion, 500K, single, 250K.
    Ownership/use: owned for at least 5 years, lived in as your primary for at least 2 out of last 5.
    And so on.

    Combining two properties when only one was your residence will make it more complex, and I doubt that you will get the price you want that way - how many shoppers are looking for 2? And if they are deeded separately, they have to be sold that way.

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