100k what to do ?
I have a property that I have lived in for 8 years and recently moved into a new home and I am renting the old one. The loan on the old house is 125k and I can sell it for around 200k - giving me around a 75k profit. I want to hold on to this property until I can clear 100k.
Once, that happens, I was looking at money market account or CD's to put this money into to make me some more money. Here's where I need some validation to my thinking. If I put the 100k into a CD with a 3.45% dividend rate and a 3.51 APY,
if my math is correct that is 100,000 * 3.45% = 3,450 * 12 months = 41,400
Assuming, this is correct , what kind of taxes will I have to pay once this CD matures after 1yr ? And is this a smart thing to do with this kind of money? I have some debt but will continue to have it during this year that the money is inthe CD. I have an IRA and 401k and my retirement future is on track.
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