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Thread: Any tax accountants here?

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    Default Any tax accountants here?

    Anyone know about taxes who would care to answer a capital gains question? If so, shoot me a PM. Thanks!

    PS - Legit question. Not trying to cheat Uncle Sam.
    La Cheeserie!

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    Default Re: Any tax accountants here?

    Quote Originally Posted by Saab2000 View Post
    ”...Legit question...”
    No, you cannot write-off your vast collection of bicycles as dependents!
     

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    Default Re: Any tax accountants here?

    Quote Originally Posted by Blue Jays View Post
    No, you cannot write-off your vast collection of bicycles as dependents!
    I’m downsizing the fleet! To this end is my question. Probably looking to buy a condo and get out of my single-family house.

    Getting down to the nitty gritty about what stays and what will go.
    La Cheeserie!

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    Default Re: Any tax accountants here?

    Keep the house, get married, get a dog. Might be cheaper than taxes.
    Jorn Ake
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    Default Re: Any tax accountants here?

    Quote Originally Posted by j44ke View Post
    Keep the house, get married, get a dog. Might be cheaper than taxes.
    Done the house thing. Not for me. Live and learn. I’m gone half the month every month. Married once already and won’t ever find another one as good as the first. Not likely to marry again. Dog would not like being home alone a week at a time.
    La Cheeserie!

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    Default Re: Any tax accountants here?

    Quote Originally Posted by Saab2000 View Post
    Done the house thing. Not for me. Live and learn. I’m gone half the month every month. Married once already and won’t ever find another one as good as the first. Not likely to marry again. Dog would not like being home alone a week at a time.
    Reads a bit like a Hemingway short story.
    Jorn Ake
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    Default Re: Any tax accountants here?

    Quote Originally Posted by j44ke View Post
    Reads a bit like a Hemingway short story.
    Iíve been compared to a few people, usually mediocre clowns! But Iíve never been compared with Ernest Hemingway!

    Iíll take it and treat it as a compliment.

    What Iím trying to definitively find out is if Iím subject to a capital gains tax if I sell my house even though Iíve owned it less than two years even if I donít take the capital gains but reinvest them into a new home. Howís that for a run on sentence?

    I know that in most circumstances Iím subject to this tax and Iím curious if it still applies if I donít take the gains but buy a new place in short order.

    Itís not a huge deal. My home ownership will reach two years in July so itís not like I have to wait forever to do this.
    La Cheeserie!

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    Default Re: Any tax accountants here?

    Quote Originally Posted by Saab2000 View Post
    I’m downsizing the fleet! To this end is my question. Probably looking to buy a condo and get out of my single-family house.

    Getting down to the nitty gritty about what stays and what will go.
    love the condo life style. no shoveling , lawn care or fixing the roof. also enjoy having packages signed for 24/7 -Mike G
     

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    Default Re: Any tax accountants here?

    Short answer is less than 2 years = yes capital gains tax. Long answer is you can increase your basis cost by costs of large improvements, buying appraisals, buying inspections, etc. And you can decrease your gain by deducting selling costs ( agent fees) and things like staging & other selling related costs. You may be a rockstar if youíre still coming out ahead, after all that, after only less than 2 years.
     

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    Default Re: Any tax accountants here?

    Quote Originally Posted by Daltex View Post
    Short answer is less than 2 years = yes capital gains tax. Long answer is you can increase your basis cost by costs of large improvements, buying appraisals, buying inspections, etc. And you can decrease your gain by deducting selling costs ( agent fees) and things like staging & other selling related costs. You may be a rockstar if you’re still coming out ahead, after all that, after only less than 2 years.
    Thanks. That’s kind of what I figured. I am likely to make a profit on the house but it depends on market forces in the next six months. It was a purchase of a house that never went on the open market and such were the conditions in 2017 that I likely ended up paying several tens of thousands less than true market value.

    I haven’t really put any money into improvements (yet) but I’ve improved the overall cleanliness of the place. Mostly it needed a lot of cleaning and I don’t mind doing that. I’m not handy per se, but I don’t mind getting my fingers dirty with scrubbing and vacuuming. And I don’t hate lawn work and I’ve done some of that.

    The only money I really spent was on removing a dead/dying oak tree shortly after I bought the house. It was a threat to my house, the neighbors’ houses and power lines if it wasn’t removed. I hate taking them down, but it needed to be done in this case.
    Last edited by Saab2000; 12-22-2018 at 07:46 PM.
    La Cheeserie!

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    Default Re: Any tax accountants here?

    Quote Originally Posted by j44ke View Post
    Reads a bit like a Hemingway short story.
    For sale: Veloflex, never worn
     

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    Default Re: Any tax accountants here?

    Quote Originally Posted by 72gmc View Post
    For sale: Veloflex, never worn
    Masterpiece!
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