Guys, would really appreciate some advice. Just a quick backstory...
I live in Texas, and am moving to Florida for work.
I will be selling the house in Texas, and have already bought a house in Florida.
The house in Florida is already funded, and I had to sell all my stocks and basically wipe out my savings to pay for the 20% down payment for the home. The new home in Florida is excellent, and I just made my first month's mortgage payment. It's vacant right now because I don't physically move there until next month. Worth noting, I didn't touch any of my retirement accounts or my daughter's 529 of course. But I did basically wipe out my savings and I only have less than $10k to my name right now liquid.
Here's the thing... I'm going to be selling my home in Texas... and it goes up for sale at the end of the week. I owe 196k on the home, and the house will probably sell for $360-370k. My company will also reimburse me for all expenses, including real estate commission (which is very nice).
With all said and done, I will probably end up taking close to $150k in equity that the title company will write a check to me for.
Question I have is... should I put this back into the house I just bought as additional equity (in which case I would pay absolutely NO TAXES on it), or should I invest this money in the stock market? I'm not asking about WHAT I should invest it in... I do pretty well in the stock market and that's a separate discussion... but as I said, I wiped out all my savings and investment money so I could pay for the down-payment.
Can I replenish that money with the proceeds from my house, and consider the money I used as the down-payment? I guess what I'm asking is... I've never sold a house before, and I'm not sure what my options are when I get the pay out.
What kind of taxes am I looking at paying? It doesn't seem worth it to me to put $100k+ towards an interest rate that's 3.125% (the interest rate of the new home I just bought).
Would appreciate any advice or comments, or thoughts... it's a nice problem to have I suppose... and hopefully I didn't make this confusing.
Thank you!!!
I live in Texas, and am moving to Florida for work.
I will be selling the house in Texas, and have already bought a house in Florida.
The house in Florida is already funded, and I had to sell all my stocks and basically wipe out my savings to pay for the 20% down payment for the home. The new home in Florida is excellent, and I just made my first month's mortgage payment. It's vacant right now because I don't physically move there until next month. Worth noting, I didn't touch any of my retirement accounts or my daughter's 529 of course. But I did basically wipe out my savings and I only have less than $10k to my name right now liquid.
Here's the thing... I'm going to be selling my home in Texas... and it goes up for sale at the end of the week. I owe 196k on the home, and the house will probably sell for $360-370k. My company will also reimburse me for all expenses, including real estate commission (which is very nice).
With all said and done, I will probably end up taking close to $150k in equity that the title company will write a check to me for.
Question I have is... should I put this back into the house I just bought as additional equity (in which case I would pay absolutely NO TAXES on it), or should I invest this money in the stock market? I'm not asking about WHAT I should invest it in... I do pretty well in the stock market and that's a separate discussion... but as I said, I wiped out all my savings and investment money so I could pay for the down-payment.
Can I replenish that money with the proceeds from my house, and consider the money I used as the down-payment? I guess what I'm asking is... I've never sold a house before, and I'm not sure what my options are when I get the pay out.
What kind of taxes am I looking at paying? It doesn't seem worth it to me to put $100k+ towards an interest rate that's 3.125% (the interest rate of the new home I just bought).
Would appreciate any advice or comments, or thoughts... it's a nice problem to have I suppose... and hopefully I didn't make this confusing.
Thank you!!!