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Desperately Seeking Suggestions
I'm scheduled to put my condo up for sell, however I'm having reservations. I owe $91K on my condo in Las Vegas premium locations, with an ideal price tag offer of $128K. History showed the last unit sold in 6 days cash buyer same price range. I was informed closing is in the neighborhood of $11K so my walk away would be $25-26K. My questions I present here today are to sell, rent to a family member; or refinance at this time?
What tax obligations would I be looking at on $25K, and what suggestions do you have for investing these funds to lower my tax penalty?