wo days ago, someone made an offer to buy our old condo (hallelujah!!!) and we accepted. Just signed the papers today. Inspection should be a breeze. Settlement is in 6 weeks. On paper we are making a nice profit, but when taking into account the many months the property sat empty, 6% realtors' commission, and the local 1% transfer tax, we are just getting back our 20% down payment and the equity we've built up through mortage payments.
I learned a few lessions. First, don't buy a new home until you've sold your old one. Second, pick your realtor carefully. And third, if your home fails to get ANY offers for months, it's priced too high.
Anyway, as I was glorying in our salvation from our cash-flow problems, a sobering question started nagging me: do we owe tax on the sale of the condo?
2006-10-31
01:45:56
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3 answers
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asked by
Anonymous
in
Renting & Real Estate