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RE: Real Estate Tip & Investment Language 101 Series: TERM OF THE DAY: -- What Is: ' A Promissory Note ' | E.32 | Trading Candle Cheat Sheet Incl. Each Episode.
It is better, from a tax perspective, to get a higher sales price for your home and charge the buyer a lower interest rate. This way, the capital gains will be tax free on the sale of the home, but the interest on the note will be taxed.
The more I read about personal finance, the more tiny gems like these I stumble upon. I wish when I turned 18 someone handed me a big list of tips like these, instead of piecing them together over the last few years :P
Thanks! You are right.
I have a background in real estate so I have more info than some on this aspect -- so I really thought it was important to emphasize this aspect twice in this post, accordingly.