2006-12-12 18:36:14 · 10 answers · asked by Rudy 1 in Business & Finance ➔ Renting & Real Estate
Can you? Yes. Do you want to? No. you will be taxed out the wazoo if you turn around and sell it this early. Not only that but you will not cut much of a profit. Wait about 2 years and do a little fixing up and improve on the resale.
Hope that helps. Take care.
2006-12-12 18:39:38 · answer #1 · answered by Belize69 2 · 0⤊ 1⤋
Yes you can sell a house you bought 6 months ago. Just keep in mind that you will have closing costs associated with the sale. Realtors fee (usually 6 percent), title policy, closing costs. Make sure you take all that into account. Sometimes there are pre-payment penalties with loans. Contact your lender (if you have a loan) and see if there are any pre-payment penalties. Also, you will have taxes to pay for the year up until the date you transfer ownership when you sell it. The title company will prorate the property taxes. Also there will be additional taxes due when you file your taxes! A real estate agent can guide you through the whole process. Make a list of what you will have to pay for that is associated with selling your home and make sure you have enough to cover your mortgage payoff. I suggest waiting 2 years if you want to avoid paying high taxes for your federal income tax return.
Goodluck!
2006-12-12 18:52:28 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It is your house to sell. Whether you should or not depends on many factors; such as, Prepayment penalties, whether your property value has increased or decreased, and why you are acutally selling.
Don't forget that if you got a loan chances are you paid closing costs, you paid realtors fees, when you sell you will need to pay more realtor fees, and possibly some closing costs.
The easy answer is yes you can sell the house. Good advice would be to take a close look at whether waiting a little while may save you a bunch of money.
2006-12-13 03:50:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes you can, but it's not a good idea unless you've made enough improvements THAT YOU CAN DOCUMENT to raise the appriased value to the point that you can make a profit on it. My advice would be to wait until January, this way you have the rest of the year to counter the taxes on the sale.
2006-12-13 00:49:18 · answer #4 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Yes, but you will get hit with capital gains tax. Delay listing the house until you get closer to one year and make sure the closing is after the one-year anniversary.
2006-12-12 18:37:40 · answer #5 · answered by Anonymous · 0⤊ 2⤋
yes, you could have sold the house at your closing if you had a buyer . You're house to sell.
2006-12-12 18:38:06 · answer #6 · answered by uknowme 6 · 0⤊ 1⤋
Yes of course.
2006-12-13 00:25:32 · answer #7 · answered by RunSueRun 5 · 0⤊ 1⤋
yes
2006-12-12 18:44:16 · answer #8 · answered by LadiesLoveMySlasher 2 · 0⤊ 1⤋
yes but you will have to pay capitol gains
2006-12-12 18:38:59 · answer #9 · answered by Photographer 6 · 0⤊ 0⤋
yes, you can.... you can sell at any point.
2006-12-12 18:38:06 · answer #10 · answered by bigblackmon 2 · 0⤊ 1⤋