Any tax accountants here?

[Saab2000]

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.

[Blue Jays]

”...Legit question...”

No, you cannot write-off your vast collection of bicycles as dependents!

[Saab2000]

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.

[j44ke]

Keep the house, get married, get a dog. Might be cheaper than taxes.

[Saab2000]

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.

[j44ke]

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.

[Saab2000]

Reads a bit like a Hemingway short story.

I’ve been compared to a few people, usually mediocre clowns! But I’ve never been compared with Ernest Hemingway!

I’ll take it and treat it as a compliment.

What I’m trying to definitively find out is if I’m subject to a capital gains tax if I sell my house even though I’ve owned it less than two years even if I don’t take the capital gains but reinvest them into a new home. How’s that for a run on sentence?

I know that in most circumstances I’m subject to this tax and I’m curious if it still applies if I don’t take the gains but buy a new place in short order.

It’s not a huge deal. My home ownership will reach two years in July so it’s not like I have to wait forever to do this.

[fastupslowdown]

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

[Dallas Tex]

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.

[Saab2000]

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.

[72gmc]

Reads a bit like a Hemingway short story.

For sale: Veloflex, never worn

[j44ke]

For sale: Veloflex, never worn

Masterpiece!