I went with Cape Coral and Scottsdale. This year I should earn equal to my salary with 2 simple preconstruction deposits. Many others who got in 2 years ago have turned 10K into 150K. Don't sell until 1 year passes, or capitial gains tax ruins the fun. Oh yeah..find a good broker first.
Thats main reason I won't even consider working for the airlines. If you limit your ability to invest a good portion of income even a few years, the longterm losses are huge.
Yes if its your primary residence. If its your primary residence then if you sell after 2 years (actually I think it is technically 2 years and 1 day) then you get to keep it ALL. No federal tax of any kind. If you sell less than 2 years, then you may still get a free-be as in no federal tax if: for certain reasons, like a new job or transfer and others.
If it is NOT your primary residence, then it is SHORT TERM CAPITAL GAINS if less then (1 year and 1 day) and its LONG TERM CAPITAL GAINS if more than 1 year.
I will give you a hint, Long term is a lot cheaper.
If you sell it within a year, it is actually taxed as ordinary income. Over one year, it is taxed as a capital gain-20%(thanks President Bush). So, whether or not the taxes are more depends on how many writeoffs you have against your current year income, and then of course, what your current income level is. So, if your current income less deductions puts you at a weighted average tax rate of less than 20%(which isn't out of the question considering where industry pay is going), then sell it now. If it's over 20%, then wait til after a year...more importantly though...sell it when the selling is good. I'm not sure real estate is gonna be to good for the next 5-7 years...at least at the macro level...there will always be good values in individual markets.
(used to know this stuff pretty well before I chased my dream of wearing pajamas to work, and flying military planes).