I really want to sell my house now, when the prices are high, then wait for the crash and buy another one at the bottom of the market but I don't want to have to pay capital gains on the equity if I don't find another place within a year.
The other issue is what to do with all my stuff while I wait for the market to crash?
I'll have to ask my brother in law, who is a CPA, what the actual laws are.
If I don't have to worry about CG, then I'll sell as soon as I can and just bank the money until the crash and then buy a really nice house out of state.
This will work assuming the housing market crashes and the dollar doesn’t crash. Would be worth researching how 1940s Germany played out before attempting this.
I am going to be moving in the next year or so.
I really want to sell my house now, when the prices are high, then wait for the crash and buy another one at the bottom of the market but I don't want to have to pay capital gains on the equity if I don't find another place within a year.
The other issue is what to do with all my stuff while I wait for the market to crash?
I thought I read that capital gains doesn't happen if it's primary residence you sell, but don't quote me on this.
I'll have to ask my brother in law, who is a CPA, what the actual laws are.
If I don't have to worry about CG, then I'll sell as soon as I can and just bank the money until the crash and then buy a really nice house out of state.
This will work assuming the housing market crashes and the dollar doesn’t crash. Would be worth researching how 1940s Germany played out before attempting this.