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Will I lose money if I sell my house after owning it for only 2 years? I have 30yr con loan

I was planning on living here permenatly but I want to downsize. Will I lose money since its a 30 yr? by satishr941 from Lake Panasoffkee, Florida. Oct 22nd 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,332 contributions

Possibly, but you didn't provide enough information to tell you accurately. The calculation is easy. Start with what you can sell your home for. From that number subtract the costs of the sale. (This would be the Agent's commissions, and any closing costs you have to pay out of your proceeds). This would be your net sales proceeds. From this number subtract what you paid for your home including any closing costs. If the answer is positive, you made a profit. If its negative, you will have lost money. If your market is HOT right now, it is possible you made money. Don't forget your profits (if any) will be subject to Income tax under the capital gains tax calculation. Generally speaking, if you have lived in the home for two full years 730+ days, then the profit from the sale of your primary residence is not taxable. You will want to work with a knowledgeable agent to help you with an estimate on what your gain (or loss) might be and then make sure your Tax preparer helps you make sure your file your returns correctly. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Oct 22nd 2020
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