Posted on: 25th Apr, 2010 11:16 am
My wife and I are both retired (over 65) we would like to take advantage of the soft real estate market and purchase a second home largely to bet on the investment in a resurgent market. We would use it about 4 months of the year and maybe rent the other 8. We have enough in the accounts to cover the purchase. Can we make a tax free purchase and then when we sell in 5-8 years return the selling price to the tax defferd account. If so how would this affect the mandatory distribution. Your help is appreciated
Those are tax accountant type questions and way beyoind the scope of mortgage professionals in this forum. You are welcome to ask here and there may be an accountant or CPA type person who can answer your question.