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Jun 23, 2022
7:02
:50
am
TheHop
All-American
Some new kicks, and a benz ....
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TheHop
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TheHop
Joined
Oct 30, 2001
Last login
Sep 27, 2024
Total posts
14,587 (116 FO)
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Messages
Author
Time
What should I do with the money I made from selling my house?
Geldir
6/23/22 6:52am
First thing to consider is that if you don’t reinvest the gain into a similar
NOCAL_YFAN
6/23/22 6:57am
If it was his primary residence and he owned it more than 2 years, he won’t owe
gww687
6/23/22 6:58am
Right
NOCAL_YFAN
6/23/22 6:59am
And you can’t 1031 exchange the gain from your house anyway, even if a part is taxable (not likely).
RdF3
6/23/22 7:01am
1031 works if you are buying an equal or higher value home.
Shihan
6/23/22 8:43am
This was clearly his personal home he sold so no, a 1031 does not work.
RdF3
6/23/22 8:54am
True, I failed to check before I sent. I meant to say, "Also, a 1031 only works
Shihan
6/23/22 9:06am
unless the gain was over $500k, which I assume was not. Anything over $500k
volleyjiver
6/23/22 7:12am
You also have to factor in expenses associated with the house right?
kotacoug
6/23/22 7:28am
Over $500k you also get additional Obamacare tax of 3.8%. Thanks, Obama!
Iman23
6/23/22 7:35am
I did assume, given the other details, that gain was less than $500k
gww687
6/23/22 8:24am
🤦🏻♂️ This is incorrect and not good advice.
RdF3
6/23/22 6:58am
This is true for involuntary conversion (e.g. fire, flood, etc.). Not a sale.
Narfin'Coug
6/23/22 7:53am
Age?
kccougar
6/23/22 6:57am
I would buy a house
TCuz
6/23/22 6:58am
Gme
Deleted
6/23/22 7:00am
Do you have a 401(k) match at work? If so, I would make sure you’re
allaboutthegainz
6/23/22 7:02am
Of course, this is a longer term strategy.
allaboutthegainz
6/23/22 7:04am
My work has 2 options 6% match dollar for dollar.
Zoobieman
6/23/22 7:30am
If you can afford the 6%, keep doing the 6%. Sure it’s less return
allaboutthegainz
6/23/22 7:41am
Some new kicks, and a benz ....
TheHop
6/23/22 7:02am
Epic trip to Disneyland
BIG XII Coug
6/23/22 7:03am
Do you have another house to live in?
WJCougar
6/23/22 7:08am
Buy more houses
Backcountry
6/23/22 7:11am
Congrats! Recommend keeping an emergency fund and then investing the rest. I
pilot17
6/23/22 7:17am
Avoid mutual funds, invest in ETFs or low-cost index funds
JOPE
6/23/22 7:50am
I ment to say index fund. It's early and I'm tired. Edited.
Geldir
6/23/22 8:11am
The only person in the world that still recommends mutual funds is Dave Ramsey
JOPE
6/23/22 10:07am
Forget bonds. Put it into an S&P 500 Index Fund.
Sooner Cougar
6/23/22 9:03am
If you’re living paycheck to paycheck set up a 6 month emergency fund that will
kotacoug
6/23/22 9:04am
As long as you are investing for the long term, what you are planning sounds
VenturaCoug
6/23/22 9:05am
The problem is there isn't a long term. I would maybe look at TIC investments.
TJD
6/23/22 9:55am
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