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Not that I am aware of. However, a good question to ask your CPA.

Good point. That being said the title companies always go with the 2% of gross selling price unless you tell them otherwise in my experience. The A-3128 form shows the calculation of if and how much of a refund you can apply for right away: www.nj.gov/treasury/taxation/pdf/other_forms/tgi-ee/a3128.pdf. You can also apply for a waiver of the withholding if you're selling a property for a loss for example.

Send me an email and I'll send you the report. Or enter your area here: altos.re/s/4b3717f4

It doesn’t sound like you’re going from an investment to another investment. But contact your CPA and see how long you need to keep that 2nd property an investment before changing it to a primary home. They should know the answer.

Also it sounds like you might be missing out on the primary residence exemption by doing that. So it may not make sense to rent it. Let me know what your CPA says.

@@RealtorAdamD I'm in a weird situation. I was debating renting my current home for a year or two and then sell. I just didn't want to get slapped with capital gains. Was trying to see if the 1031can get me out of that. Anyway, if you happen to know, that would be great.

Shouldn’t be a problem. According to the IRS to avoid capital gains on $250k (single) or $500k (married), “If you owned the home and used it as your residence for at least 24 months of the previous 5 years, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period, and it doesn't have to be a single block of time. All that is required is a total of 24 months (730 days) of residence during the 5-year period”

Let me know after you ask your CPA

Great point! An appraisal fee is something that your lender must disclose upfront on their loan estimate. Most recently we’ve seen appraisals approx $500.

Thanks Joe!

Hi Ana, thanks for the comment. Please keep in mind this video was recorded last month before the most recent rate increases. Also, local lenders still have rates much lower than 7% and what you see in the national media, which is why we record these videos. All that being said, we’re still seeing a competitive market.

Thanks!

Hi Thomasina! What's your email? I can send you a calculator.

Sure thing! Can you email me at Adam@LocalConnectNJ.com?