All Forum Posts by: Chris Miller

Hello,

Long story short I bought a home 16 months ago and have rented it out by room. I have only had maybe 3 months where I was profiting above my mortgage at 350 dollars. The rest of the time has mostly been breaking even on the mortgage costs. I am also thinking of selling this home because I will no longer be living there soon and I want to focus on my family. What are the taxes going to be like on the income and is selling this going to be a nightmare?

Hello! So I have the potential of selling my property and gaining a profit on it. Does anyone know how long a person can hold the profits from the capital gains after the day of sale and what are the parameters for reinvesting the profits, as in does the new property have to have a house on it or can it be just a lot of land? Just curious!