Moving out of primary residence
Hi, my daughter purchased their primary residence in Fort Lauderdale with a conventional loan in November 2022, but she got a very good job offer and they plan to move to Texas by the end of April. What would be an implication of selling the house tax wise or is it better to rent the house because of the location? The house has almost no equity, so very little or no gain by selling as of now, but I do not think it would be possible to pay two mortgages, if they buy a new house in Texas without renting the first one in Florida. Please advise what would be the best steps for her to do? Thank you very much for your help!
Most Popular Reply
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Just sell. It’s unlikely it went up 10% in 6 months (her approximate selling costs) so there won’t be any taxes due. She’s not going to cashflow as a rental so it’s going to be a negative when trying to buy her new home.
The ONLY reason to hold would be a greater than 80% chance she’d move back to Florida within a few years.