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Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

can you sell a house and use that money for a 25 % down payment on your 3rd house?

4 Answers

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  • Jack
    Lv 6
    1 decade ago
    Favorite Answer

    No problem there.

    Source(s): 18 years in banking and 23 years in real estate
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  • Judy
    Lv 7
    1 decade ago

    If you've both owned the house, and lived in it as your main residence, for at least two of the five years immediately prior to the sale, then you don't have to pay capital gains taxes on the firs $250K of profit - $500K if married filing joint.

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  • 1 decade ago

    As far as I know, I don't see why not, whether you would still owe on the existing mortgage or not shouldnt' matter if you want to leave that debt outstanding while you move on to something else.

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  • Anonymous
    1 decade ago

    why not?

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