All Forum Posts by: Rosalie Taran

@Jonathan R McLaughlin-Jonathan, thank you so much! Yes, the year prior, prior for taxes for FASA is definitely what has messed me up with my planning. I am going to start looking into, and talking with realtors about a lease back option. I will also. look into the options of speaking with Santa Clara University, and Apple is building a new HUGE complex just one city over... I think that is what is driving up the prices in my immediate area. Homes are being over bid by as much as $250,000 over asking price in less than a week. Thanks again for all the thought you put into my situation. I will let you know how things turn out :)

@Dave Foster Thank you so much for your input-greatly appreciated!!

@Joseph M. and @Thomas Rutkowski thank you for your responses! Joseph, I thought that a 1031 exchange was for investment properties only not for personal residences. I will have to look into it further. Thomas, I would love to hear from the realtor you know in my area about how I can defer taxes. I will PM you my e-mail address so you can give me their contact info. 

@Don Spafford Thank you so much for your input! I really appreciate you input. I will keep you posted.

@Troy Sheets Thanks Troy-I am a good researcher and I will research the For Sell by Owner stuff. Great idea.

@Tim Kyle -Thanks Tim. Unfortunately we do not have the income to qualify for a HELOC. We are already at 65% income to debt ratio.

Thank you for your replys-Yes I know about the $500,000 and am very grateful for this. We have chosen next summer so we have time to get ready for the sale of our home to gain as much profit as possible but, mostly because we feel terrible about moving our daughters 13 and 15. They are well established in every way and we want to get all our ducks in a row prior to making such a big life change for all of us. 

Financial aid will be based of next years income. We may need to ask our older daughter to wait a year to start college.

I thought of finding an investor and selling this year and doing a rent  back until the girls are out in June but, it sounds like we would have to go below market and like you said, I want to get as much out of our home as possible because it is all we have.

I guess I am wondering if there is anyway to avoid capital gains on proceeds over $500,000? Or if anyone else knows of a different way to deal with our situation-Thanks

I am really struggling with this decision. I own a home in Santa Clara, CA with over $500,000 equity. Maybe as much as 6-800,000 in equity. We will be moving to Idaho next summer.  We have a daughter who will be starting college in a few years. If we wait to sell next summer it will make her chances of receiving financial aid null and void because that is the year FASA wants to see all of our finances. Both my husband I are on disability with low income and no retirement. We barely held on to the house with a HARP loan due to my disability. We still have 30 years to go on payments and we just can't keep struggling like this. Although, the market is through the roof and continuing to rise. It just feels like it is time to get out. 

We plan to use part of the equity to buy a new home out right and possibly use the rest to invest in rental property. I am really new to Bigger Pockets and plan to spend some significant time learning the ropes before making the jump to invest. -

-If we wait to sell till next summer we will have to pay $100,000 plus of our profit to pay for college. 

-If we were to rent it out the rent would barely cover expenses so that is not a good option. 

-sell to an investor for a price below market and be free and clear to move on. 

I just hate to give up profits when it is all we have. Also, when we sell are realtor fees and all we have done to improve the house taken off the top of our profits to reduce taxes? I would love to get others opinions on what we might do moving forward to hang on to as much of our profits as possible.Thanks!!!