I owe 128 on the unit and similar properties are going for 190-195 right now. I'm not sure what I would owe at this point, maybe 5-8k? I would hope that it would take some time for these changes to take effect, but I thought I saw that it would be for anything sold starting in 2018.
What you owe does not matter. Also, what you "pocket" does not matter either, since that does not take into account your original down payment, length of loan, extra payments, etc.
All that matters is the capital gain. Take new sale price(now an estimate) - original sale price - improvements - broker fees - other fees(advertising, etc.).
That is your ballpark capital gain. Taxes on that gain are based on your current income, subject to change, of course:
If you’re in the 10% to 15% tax bracket, your capital gains tax rate is zero.
If you’re in the 25% to 35% tax bracket, your capital gains tax rate is 15%.
If you’re in the 39.6% tax bracket, your capital gains tax rate is 20%.
I agree it is probably too late to sell in 2017, and all talk of tax changes so far would begin in 2018.
What is your total gain and what bracket are you in? You have hinted around these numbers, but you have not flat out stated them. You need to do this to get an accurate estimate.
That is the only way to go from your 4-8k estimate to a better estimate of your tax liability. You now can compare the estimate to waiting to move based on whatever the new law is.
If you max your 401k and Ira next year, would that drop you down to the 15% bracket? If so, no tax due.
What if you got married and maxed out both 401k's and Ira's? (admittedly the craziest brainstorm idea of the bunch).
If you are close, what about a pay cut long enough to drop you to the lower bracket?
There are currently some exclusions with regard to moving a certain distance for a job. Could that be used in your case?
