All Forum Posts by: Jameson Hedin

@Michael Plaks thank you. We bring in about $100/mo. after expenses including cap ex. The home, luckily for us, has appreciated an amazing amount in 5 years. We are looking to sell, pay off our student loans (becoming debt free outside of our other rental) and reinvest the original capital in another property. Wise plan to you? I welcome input from Any prior responders as well.

My wife and I are wanting to sell our first rental. We bought it 5 years ago (October 2015) and lived in it the first 2 1/2 years. Can anybody help me with our capital gains tax situation? As I understand it we can reduce our taxable gain by 50% from living in it for 1/2 the time as long as we sell it by October. Is that correct? Also, for a married couple I believe the 15% tax kicks in around $78,000 joint income. Is that correct and is that before or after deductions when doing taxes? Thanks for any insight.