I bought a condo in Chicagoland for $147,500 in 2012.
I still owe $128,000 on the mortgage.
I’ve been renting it out since 2015, but was cost neutral (no profit).
I’m selling it for $163,000.
$163K – $128K = $35K – realtor fees.
NOPE
I just got my closing statement.
After taxes, fees, and everything else I get a whopping $5,000 to pocket.
The State of Illinois and the US Federal Government have bent me over and fucked $20,000 out of me.
I’ve been backed up to the tax glory hole and the IRS, IL state treasurer, Will County treasurer, and City of Aurora are all taking turns on me like it’s the first night of shore leave.
The Debbie who did Dallas didn’t take it as hard and from as many as I am right now.
This is insane.
Dang, that sucks.
I’m impressed you were able to sell a condo in Chicago.
He sold it in Aurora, which is DuPage county, west of the city. If it were in Chicago proper (cook county), the screwing would have been even more extreme and a net loss.