Hello, I am in the process of selling a property in Indianapolis, it was purchased as a primary residence but have been renting it out the last five years. I live in Minneapolis and its been a hassle to travel for repairs and things alike. The stars kind of aligned and we are have accepted an offer today, however, we have not been actively looking for property since we have been super busy with life the past month. My question is, lets say we get $15,000 from the sale, we have spent $5000 in the past month or so to fix it up, what is this going to look like come tax time? Should we look for another property, look for something cheap and quick like a condo or bite the bullet in April? And if we do buy another piece of property do we need to use all the money or can we use some to replenish the money we just spent from saving to have the work done? This subject has my head spinning. Thoughts?
