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We are wondering if we should sell our RV storage garage to…

Customer Question
We are wondering if...

We are wondering if we should sell our RV storage garage to pay off debt and rent?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We own an RV storage garage worth 80+K. We just got an RV and borrowed 56500 to buy it. We also just recently paid off our house and hate being indebted again. Our gross income is 22k a month so we're thinking we should pay off the debt soon but selling the garage would pay it off now. We're also concerned about the tax ramifications of selling our garage. We'll get around 37K in profit from selling it.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that I know of thanks

Submitted: 3 months ago.Category: Finance
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Customer reply replied 3 months ago
I should point also that we have 1 kids in college and 1 starting next year which we have saved for but we do pay so of his living expense namely rent . We also have a car loan at 34K which is at .9% so while we could pay that off now with cash on hand it'd only save like $530 in interest.
Customer reply replied 3 months ago
Sorry to keep adding. We have around 45k in cash but do have an annuity expense in May of 12K and will need additional 14K in Aug and again in Jan to finish our oldest in college but have considered taking a loans for his last 2 semesters of college.
Answered in 32 minutes by:
3/31/2018
Financial Professional: PDtax, CPA, MBA replied 3 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,085
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from Just Answer. I'mCustomer and can assist. But this is more involved, and personal, so I will offer a Premium Service to assist with a phone conference.

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Financial Professional: PDtax, CPA, MBA replied 3 months ago

See my posted offer.

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Customer reply replied 3 months ago
Considering offer
Financial Professional: PDtax, CPA, MBA replied 3 months ago

appreciate that. let me know; weekends are better this time of year for the phone conference.

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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