Again, I am rather ignorant about investing so take that into consideration with my next query. Am I correct to assume that if I decide to continue to rent and then invest the money we made when we sold our Michigan home (after living in it for about 4 and a half years) then I would have to pay capital gains taxes on whatever gains we make by investing that money?
If instead, I buy another house and eventually get it paid off then I would have a place to live with no payment (other than utilities, property taxes and maintenance of course) and no taxes on gains.
That is why I have bought 3 homes so far. I had to live somewhere and figured I might as well build equity while doing it. Now though the cost of houses is high and my job situation is a bit uncertain due to new owners taking over in a week.
