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Updated almost 6 years ago,

User Stats

16
Posts
4
Votes
Alex Breuer
  • Investor
  • Minneapolis, MN
4
Votes |
16
Posts

Advice! Sell or rent? Tax burden?

Alex Breuer
  • Investor
  • Minneapolis, MN
Posted

Im looking for advice on what to do?

I bought a condo for 80k in Dec.2018.

My original plan was to rent it out. (after calculations ill cash flow 500.00 monthly)

Ive been working on the property and i had a visitor the other day.

It was a R.E. agent asking to see the unit..i said check it out!

Long story short she came to me with an offer for 155,000.

I will have 10/12k in the renovation. (90k total)

Should i sell within 1 year and take the check or cash flow 500 per month?

How much will i expect to pay in taxes?

Will waiting until after 1 year significantly reduce the tax burden?

Thanks in advance.

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