I'm moving - need advice on a two year gig
Live in Northwest Arkansas. Got a job offer in Conover, NC. Own my home and want to rent it out. On the back end of a 15 yr note at 2.875% with $900 principle going toward a $1,135 note. Don't want to disturb that. I may be $200 upside down including vacancy and repair included. Been a landlord for twenty years on my duplex in the next town over, so I'm very familiar with the rental side of things.
I could easily rent a house there and call it a day but I want to turn this two year job into an opportunity to do better than that. I plan to retire after this job, so there's that. I will sell my house upon returning then to use the equity to pay off the duplex for cash flow. I got to be aware of the capital gain exclusion. If I take 2017 to 2021 as the five year period and I lived in the house for 2017 & 2018, I understand I need to sell by Dec 2021. Please someone verify I got this right - this would be huge mistake to make. Home value is about $260 with payoff of 72k.
Question - what strategy can I invoke to come out ahead and possible buy/sell and effectively live rent free? Small town and median home price about 140k. Have a little on hand cash of 10k and significant 401k money. I'm 60, so no 10% withdrawal penalty but of course withdrawal would be ordinary income. Thought of a buying/selling a used single wide in the 50k range. Buy/sell the usual 120k bread/butter 3/2 in this short time frame is probably not worth it with the buy/sell expenses. I don't want to work on anything to fix up.
Any suggestions would be greatly appreciated, this is coming fast so I got to get busy with it.
It's only me and the dog, so I can do whatever I want.
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Ryan,
My husband and I are looking for a CPA in Rogers for the upcoming tax season. Who would you recommend?