Should I sell my home or rent it?
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melvin
Apprentice
Joined: 09 May 2005
Posts: 4
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 Posted: 07/12/08 - 09:06 Post subject: |
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| Good afternoon everybody. My name is Tony and I would appreciate if you could give me some advice about what to do with my apartment. The thing is that I am moving to the other town and I am thinking about my options. Should I sell my home or rent it? What do you think is better? |
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karlan
Apprentice
Joined: 05 Mar 2004
Posts: 4
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| Posted: 08/11/08 - 02:50 Post subject: |
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| Hello Tony. The answer to your question depends on lot of factors. First, are going to move back to the apartment, do you need cash or not and many other things. One other thing that can be important is tax issue. You will be taxed on a different basis depending on decision you make. If you sell your home, and it is nominated as your principal residence, you will be exempt from capital gains tax. On the other side if you rent it, you will have to pay income tax for the rent that you get every month. So, see what is better for you. I hope that I was of some help. Take care! |
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