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Updated about 7 years ago on . Most recent reply

User Stats

8
Posts
3
Votes
Carrie McPeek
  • Sanford, NC
3
Votes |
8
Posts

Sell My Rental or Not?

Carrie McPeek
  • Sanford, NC
Posted

When my husband died, I had enough life insurance to pay off our home. I soon realized that it was too much for me and started renting it out. I purchased a smaller home for myself. 

Now I am planning on selling the rental after renting it out for four years. I just learned that I might have to pay capital gains if I sell it. Is there a place I can go to learn more about this works so that I can decide whether I should continue renting? I bought the house for 175,500 and should be able to sell for 225,000. It is currently renting for 1,400 a month.

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