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Reply to "Is it a good idea to keep the cash after selling a house?"
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[quote=Anonymous][quote=Anonymous]If you are behind on your retirement planning it makes total sense to pull what you don't need and invest it, as you don't have many more years to invest aggressively. If you are going to dump it in a bank account, that is not a great idea. NFCU has CDs at 3%, but you would still be losing, unless access to cash is important short term for you. There are NO tax ramifications from not rolling over previous equity into a new property, not sure where PP came up with that. All the IRS cares about is capital gains, which should not be a problem of you have lived the house the past 3 out of 5 years (have to look it up, but I think that is the rule) and it doesn't sell for more than 500k over what you paid for it.[/quote] Correct, but it's two of the past five years.[/quote]
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