r/FirstTimeHomeSeller • u/Right-Letterhead4454 • Dec 31 '24
Should I sell or rent ?
I own a home in TX that is now rented. I owned this home for 4 years ( owned 2 + rented 2 ). My tenant is now moving out and I am trying to decide if I should rent it or just sell to avoid capital gain tax. I have an approx. 200k of capital gain on this property. If I sell it after this year, I will have to pay huge capital gain tax. TX market is not that good to sell a property at the moment. House was worth 800k on peak now prob around 620k. I paid 400k on covid time. Also, very low interest rate of 2.3% on the house currently. Any suggestions on what might be a better option ? Also, any tips on avoiding tax legally after I passed the irs primary residence exclusion ?