Real Estate Capital Gains
The conditions:
I have owned a primary Residence in Atlanta since
May of 1987. I paid $ 72K for it. I have spent 30K in
improvements. In August of 2002, I was offered a
promotion to Oklahoma City, OK, and moved into
an Apartment.
I decided to rent the property, in order to keep some
holdings in Real Estate (and holdings in my 401K).
I did not care for the Rental business, even with a
Property Management Co. It was stressful, and time-consuming. As well as, a Loss.
On August 26th, 2005, I will have been out of the house
3 years. And, living in a Apartment in Oklahoma City.
Currently, I am able to sell the Property before the
3 year mark, at 20K below value, in order to avoid the
Tax. At 150K (the value is 170K).
Question. Do I have any other options ?
Thanks in advance,
Mike in OKC
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