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Updated almost 2 years ago,
Options for Selling Rental Home to the Tenant?
I've
been renting my prior residence to a family. My primary residence
exclusion benefit (savings on capital gains taxes) is set to expire at
the end of August.
I want to sell the property but the tenants are a wonderful family and I don't want
to force them to move because I'm quite certain they don't
have the means or qualifications to obtain a mortgage or a down payment.
I'm wondering if there might be any creative options or ideas for me in this situation that I might be overlooking? Perhaps a creative way to sell the house to them?
Additional info:
-My CPA helped me calculate that I will net about $10k more if I sell before Sep 1st vs after Sep 1st.
-The home is probably only worth about $170k but is owned free and clear.
-I
have not brought this up with the tenants. I wanted to look into what my potential options might be before we approach them.
Thank you in advance for any insights or ideas!