In June orJuly of 2017 I plan to re-locate to PalmSprings, Ca from Denver, Co. I plan to sell my primary home and my rental propety in Denver. I have a rental property in Georgia which I do not plan to sell since there in no mortage. I plan to purchase a home in Palm Spring for 300k or less. Some question I have:
1. I've take depreaction deductions on my condo in Denver for eight yrs, what are the tax implications?
2. When I sell both homes how long do I have to purchase a new home in orde to avoide paying capital gains tax? and the amount that (profit from sales) does not go directly into purchasing a new how how will thoes funds be taxed?
3. I have six figure student loans that Imust start paying on in six months. I do plan to consolidate the loans however, will this hurt my chances on purchasing a new home? I have a car loan that I plan to payoff once I sell both properties, is that a good idea?
4. I have about 20k saved for the moveoutside of the profits I will receive from the sell ofmy properties; is this a sufficient amount?
Thank you for posting in the Community. We would like to address your questions.
Questions 1 and 2 are both tied directly to your particular tax situation which is more than a simple answer. We recommend you discuss these two questions directly with your local tax advisor.
For questions 3 and 4, we would like the opportunity to discuss your mortgage and move options with you by phone. Please contact a banking specialist at 210-531-USAA (8722). There are tools available through http://usaa.com to help you get started, before contacting USAA to begin the mortgage process.
We look forward to the opportunity to discuss this matter further. -Gus
Hey Broncos Fan!
I see Gus has addressed your question- but I asked on of our Certified Financial Planners to take a further look and see what he could recommend in case other members are in a similar situation!
I wish you the best of luck with your move Palm Springs is such a lovely area!
Briana (also a Broncos fan who once had a dog named Ellie after John Elway)
Wow, Broncos fans everywhere! I’m writing this as a lifelong fan of the KC Chiefs…so be careful Broncos Fans :) .
I’d be moving out of Denver this year too…while you’re still the regining Super Bowl champs! Just kidding, but as Gus mentioned, for specific tax advice, you should definitely seek out the advice of your tax advisor. I will provide a high level overview on the questions you asked.
How can you sleep at night knowing you get paid to lie to members. USAA is not what it used to be. I dont even know what this gimmick of "helping those who serve"--Im troubled to see your commercials on TV. I try to steer everyone I know away from your institution.
Thank you for posting in the Community. According to our records, we have attempted to speak with you regarding your mortgage loan servicing. If you have additional concerns, please contact us at 210-531-USAA (8722). Thank you. -Gus