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Selling a Rental Property - Tax Consequences

Discussion in 'BBS Hangout' started by ima_drummer2k, Mar 31, 2020.

  1. ima_drummer2k

    ima_drummer2k Member

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    Ah, didn't think about that.

    Closing was a new experience for me. It was scheduled for last Friday but the title company had a potential COVID case on a different floor of their building, so they shut the whole place down. I had a mobile notary come to my house on Thursday, signed all the paper work (not much since it was a cash buyer) and got the money wired to me on Friday. First time I've ever bought or sold a property without meeting my realtor in person or closing in person. Strange times.....

    Such a relief to not be a landlord anymore. Now getting ready to put our primary residence on the market....
     
  2. Exiled

    Exiled Member

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    This's what I ended up doing :
    • I chose 3 year variable flex 2.45%
    • options to top up 120% annually without penalty
    • can switch to fixed after a year
    • 70 months term
    This would enable me to make a bridge investment, build equity for near future and swap it for better option when convenient while avoiding tons of interest, I hope I'm not wrong bc it's too late now
     

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