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Ask R. Greg Paszkiewicz Your Own Question
R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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downpayment

Customer Question

i just lost my husband. We did not have mortgage insurance. I have to sell my townhome because I can’t make the payments. I will need to buy down. I can afford a 137,000 townhome and will have 20,000.00 for a downpayment but want my monthly payments to be manageable. I have 261000.00 in investments. Should I borrow some of that for a downpayment. What are the tax implications. capital gains?
Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
You will qualify for at least a reduced exclusion of capital gains on your home sale depending on how long you have owned the home. If you give details I can answer for certain but is very doubtful you would owe any capital gain tax on the home sale. You may or may not owe capital gains on any investments you sell to make a downpayment, depends on which ones you choose to sell and what your basis is in those investments. It may be worth your while to put down enough money to avoid PMI but these are more financial questions than tax. You may want to consult someone about the tradeoffs of investing vs having a lower mortgage.
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: Thank you. It has been helful

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