Hey everyone, I have a question that I would appreciate very much if it could be answered. Well, I was looking at new model homes in the Las Vegas area. They are really cheap right now, but are appreciating in value fast. If I were to buy a home now, it wouldn't be built until July or August of next year. So my question is, if I were to buy the house now, and by the time it was built next year, it went up about $50,000, would I be able to sell it right away before I set foot in the house? The reason is...I know that it's a great opportunity, but at the same time, I might not want to live in Las Vegas. I'm in California right now.

 

I live in NY...so the answer is yes, according to NY real estate law. I have no clue about Nevada laws.

 

Yes, you may sell it anytime. This is called speculation. This is called an investment. You may even sell it (given you own the property) right after you've place your deposit! How you declare your income tax from the gains should be your bigger concern

 

Yes you can sell it. You can even sell an option to purchase. Once you have acquired and interest in the property, you have a right to excersise that interest or sell, exchange for another property or whatever you wish with your interest. You may consider an exchange which has a whole different treatment under the tax laws. Ask your tax professional about a 1031 exchange.

 

[QUOTE]Originally posted by rich5842
Hey everyone, I have a question that I would appreciate very much if it could be answered.

 

[QUOTE]Originally posted by CanIplay

 

Thanks for the correction, I did mean "differ" you will pay them eventually.

jrfblueeyes: I will give you you posted, I know of two new communities opening March/April 2004 and one opening Jan/Feb. 04

 

actually, if you die before selling the property(ies) you have exchanged into, your heirs will get a step up in basis and not have to pay any capital gains. What a tax planning opportunity!

 

Hey Tim,

I'm interested too. I'll give you a call when thanksgiving weekend is over!

 

Hey Tim, thank you so much for your words. Yes, I plan on moving out to Vegas and getting wealthy there in real estate! I heard it's going pretty crazy. I have another question if you don't mind. Being that you said that I could sell the house upon completion and roll the equity into another property, do I have to set foot in the house? Or can I look for another property months before the house is completed, then use the 1st house's equity into the next house, and so on and so on, as I keep getting a bigger and bigger house? Sounds kinda weird, but you gave me the idea. What do you think?