Dh & I owned a home 2005 (home number 1), he lost his position through a company buyout that same year after 10 years of employment. Through the buy out money, with a 401 cusion, we opened a business, sold home number 1 and invested in home number 2 in 2005 because we needed business space. New business failed, then we were forced to sell home number 2 due to ability to pay our bills. Not profitting but making only what was invested in both homes. This occured in April of 06. We then bought a lesser valued home May of 06, remodeled it, have been restored financially and want to move back into a larger, nicer home. We have manged to keep our credit good and the banks have prequalified us to purchase another home. We will profit from this home but only about 50,000. However, knowing that we could get hit with Captial Gains is a scare. What do we risk selling this house and buying a more valuable home this year since we have sold 3 in the last 2? Does the unemployment situation help us?
2007-01-02
08:59:10
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5 answers
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asked by
Anonymous
in
United States