can you sell a house and use that money for a 25 % down payment on your 3rd house?

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can you sell a house and use that money for a 25 % down payment on your 3rd house?

2006-12-31 10:19:12 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate

4 answers

No problem there.

2006-12-31 10:21:39 · answer #1 · answered by Jack 6 · 0⤊ 0⤋

If you've both owned the house, and lived in it as your main residence, for at least two of the five years immediately prior to the sale, then you don't have to pay capital gains taxes on the firs $250K of profit - $500K if married filing joint.

2006-12-31 18:28:27 · answer #2 · answered by Judy 7 · 1⤊ 0⤋

As far as I know, I don't see why not, whether you would still owe on the existing mortgage or not shouldnt' matter if you want to leave that debt outstanding while you move on to something else.

2006-12-31 18:32:14 · answer #3 · answered by The Scorpion 6 · 0⤊ 0⤋

why not?

2006-12-31 21:46:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋