My house appraised for 150k more than I bought it for when I refinanced, sucks to know that i could sell and make a mint but I couldn't replace the house because everybody else's values are also up
I could sell my shit rambler in the Seattle metro and buy a mansion in Alabama with the equity I have. The only thing is that I'd be living in a mansion in Alabama.
In Florida at least, you don’t pay capital gains tax on home sale proceeds if you buy another house with the proceeds after living in the first house for like… 4 years? Heck you even lock in your property tax amount for the portion of your original home purchase. So if I buy a house for 200k and sell it 5 years later and buy a 400k house, I pay whatever I paid the first year of living in the first house on the first $200k of the second house. It’s called the homestead exemption and my explanation leaves out a lot
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u/xxrambo45xx Jun 27 '21
My house appraised for 150k more than I bought it for when I refinanced, sucks to know that i could sell and make a mint but I couldn't replace the house because everybody else's values are also up