A house, huh? That probably would be better. I really want something on the beach though and I don't know if I can afford a house there. I can afford the beach condo.
I have this inheritance from my Grandparents and I need to decide whether I want to invest it in mutual funds or something like that or buy real estate. Do you know if there's a capital gains tax enacted right now?
on which? If you buy a condo/co-op/house and live in it (it must be used for your own residential use, not as an investment) for at least two years you don't have to pay capital gains taxes on it - at least up to the first 250k if your're single, 500k if you're married. After that you would have to pay taxes, though.
And given how the subprime disaster has fucked with the real estate market throughout the country, right now its a buyer's market. But Joe gave good advice - do your research and get a buyer's realtor, i.e., if a broker is representing the property you want to buy they are a seller's broker and their duty lies with the seller not you. Just something to keep in mind... good luck!
