If he bought more house than he could afford (if you had to help with the down payment) and he can't afford the monthly payments it may be a good idea to sell the property. If he sells the property he may be able to get something that he can afford.
If the property has appreciated since purchase he may be able to capture some federal tax-free capital gains under the $250,000 max per person exclusion of capital gain on sale of personal residence.
If the property is a poor financial fit for him struggling to hold onto it for the sake of a low-cost loan sounds like a fool's errand. If there's gain in the property capture it with a sale and move on.
If the property has appreciated since purchase he may be able to capture some federal tax-free capital gains under the $250,000 max per person exclusion of capital gain on sale of personal residence.
If the property is a poor financial fit for him struggling to hold onto it for the sake of a low-cost loan sounds like a fool's errand. If there's gain in the property capture it with a sale and move on.
Statistics: Posted by 123 — Sun Feb 09, 2025 10:55 pm — Replies 13 — Views 1313