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Updated over 8 years ago,
Selling house-Capital Gains
Hello BP world! Its been awhile... Quick Question here..
History
I bought my first house for $328k with VA home loan no money down with a 3.5 interest rate. It appraised for $340k with zero rehab done. I have sunk $50k into it using $20k bank loan 9.0% interest, $15k student loan, and $5k on credit card at 9.0 % interest (Just thought I'd share my creative financing).... I have redone the kitchen and opened it up for open concept look, bathrooms, floors, pool deck, added an outdoor kitchen, added a 4th bedroom and re painted inside and out. Practically brand new house total invested $378k.
Question
I believe my break even would be $400,680? 6% of $378k =$22,680. Looking to sell it for $438k.
This is my primary residence so would I have to pay capital gains on this house? I am having to move to another state for work.
Am I missing any other money that will be deducted when it comes to sell the property? Tax? Title? Closing costs?
Think I spent too much money as far as high risk, low reward.