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Reply to "WWYD: keep DC rowhouse in Shaw as investment?"
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[quote=Anonymous][quote=Anonymous]Surprised no one's mentioned tax issues. Up to $500,000 in profit from home sales is tax exempt for owner occupied homes sold by a couple - that is, if you've lived in it for at least 2 of 5 years before you sell: https://www.nolo.com/legal-encyclopedia/the-250000500000-home-sale-tax-exclusion.html So if you sell now, you wouldn't pay tax on any of the profit. But if you rent it out for more than 3 years, that benefit would disappear. If you're at all on the fence, that should push you to sell.[/quote] Making financial decisions simply to save on taxes is idiotic.[/quote]
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