LawTalkers - Where the Kids Come to Mouth Off

Originally posted by Mmmm, Burger (C.J.)
Can you turn it into an investment property and then buy another one, rolling the gains into the new property? Or go live in it for 2 of the last five years?

Good one. Much like the following helpful golf tip: If you find you're really not improving after a lot of practice, etc., go back and take up the game at a much younger age.

But seriously folks...., I was looking at the IRS website last night (good times, good times), and I think I saw that the two-year time period doesn't need to be contiguous. SO...if I've spent 730 days of the last five years there, does that count?

dtb	09-21-2004 10:04 AM

Tax Advice Needed!!

Quote:

Originally posted by mmm3587
Just a wild ass guess, but I would think you might be able to deduct (or rather, adjust the basis to reflect, but who's counting) improvement costs, repair costs, etc., just like you used to be able to with primary residences when all capital gains were taxable (as opposed to the current scheme of capital gains being taxable only above a certain amount).

But, that's just a total guess. I'll keep the smartass "Good problem to have!" responses to myself.

Yes, you're right (that IRS website is pretty informative -- I recommend it for some light reading before bedtime!). Unfortunately, we haven't made many improvements, but landscaping counts, so we have done some of that, new windows and updating electric (although I'm not certain I have the bill for that -- maybe the electrician could do a new one?). However, not enough to make a big dent in the gains.

Don't get me wrong -- I'm thrilled our junky little weekend house has turned into such a bonanza for us -- but tens of thousands of dollars owed in taxes (when I wasn't expecting to have to pay them) really smarts. (Ouch -- thaaaat's gonna leave a mark.)

Pretty Little Flower

09-21-2004 10:08 AM

another dumb law student

Quote:

Originally posted by Hank Chinaski
Hey nimble nuts, my old study group and I might look down our noses at Yale, or U Penn or the other Ivys but we would never confuse an Ivy with Cleveland State or whatever prairie school you attended.

I'm serious- be honest- you looked at Criminal Procedure as vocational training, right?

Since you already went back to edit and change "prarie" to "prairie," you might as well edit again to change "Ivys" to "Ivies."

- Pretty Little Flower
Encouraging mental discipline online since 2000.

Sidd Finch

09-21-2004 10:40 AM

Tax Advice Needed!!

Quote:

Originally posted by dtb
Don't get me wrong -- I'm thrilled our junky little weekend house has turned into such a bonanza for us -- but tens of thousands of dollars owed in taxes (when I wasn't expecting to have to pay them) really smarts. (Ouch -- thaaaat's gonna leave a mark.)

That probably explains why you're too cheap to pay a lawyer for tax advice.

(I'm feeling really pissy this morning, sorry)

fnordfnordhummingbird

09-21-2004 11:03 AM

Tax Advice Needed!!

Quote:

Originally posted by dtb
So, is there any way to avoid capital gains taxes on the sale of a non-primary residence?

Burn it down for the insurance money. Full value of the house and no taxes, plus you save those pesky agent commissions and title search expenses.

Hank Chinaski

09-21-2004 11:05 AM

another dumb law student

Quote:

Originally posted by Pretty Little Flower
Since you already went back to edit and change "prarie" to "prairie," you might as well edit again to change "Ivys" to "Ivies."

- Pretty Little Flower
Encouraging mental discipline online since 2000.

You know your little proof reading skills have market value, not as much as they had prior to Spill-Check, but some value remains. Based upon your education, and what I can tell of your skills, you are qualified to be a secretary at a good law firm. Congrats! I took the liberty of passing a note onto my HR department to consider you. I wrote that you would have some familiarity with legal terms- is that accurate? I'd hate to be seen as puffing.

ThurgreedMarshall

09-21-2004 11:18 AM

another dumb law student

Quote:

Originally posted by Hank Chinaski
You know your little proof reading skills have market value, not as much as they had prior to Spill-Check, but some value remains. Based upon your education, and what I can tell of your skills, you are qualified to be a secretary at a good law firm. Congrats! I took the liberty of passing a note onto my HR department to consider you. I wrote that you would have some familiarity with legal terms- is that accurate? I'd hate to be seen as puffing.

Were you born unfunny or did some life-changing event strip you of any humor you may have had?

TM

taxwonk

09-21-2004 11:22 AM

another dumb law student

Quote:

Originally posted by ThurgreedMarshall
Were you born unfunny or did some life-changing event strip you of any humor you may have had?

TM

I think his problem is huffing, not puffing. The poor boy's obviously on fucking glue.

ilikenewsocks

09-21-2004 11:28 AM

Word to the wise

If you're going to go out and booze it up, be sure to wear stiletto heels.

Booze, fashion and sound legal advice. What a trifecta.

dtb	09-21-2004 11:51 AM

Tax Advice Needed!!

Quote:

Originally posted by Sidd Finch
That probably explains why you're too cheap to pay a lawyer for tax advice.

(I'm feeling really pissy this morning, sorry)

well, DUH! I'm too cheap to pay a doctor when I have members of my family who won't charge me too. (Penny saved, blah blah blah.)

Greedy,Greedy,Greedy

09-21-2004 12:26 PM

Tax Advice Needed!!

Quote:

Originally posted by dtb
Yes, you're right (that IRS website is pretty informative -- I recommend it for some light reading before bedtime!). Unfortunately, we haven't made many improvements, but landscaping counts, so we have done some of that, new windows and updating electric (although I'm not certain I have the bill for that -- maybe the electrician could do a new one?). However, not enough to make a big dent in the gains.

Don't get me wrong -- I'm thrilled our junky little weekend house has turned into such a bonanza for us -- but tens of thousands of dollars owed in taxes (when I wasn't expecting to have to pay them) really smarts. (Ouch -- thaaaat's gonna leave a mark.)

Does this mean you're giving up the horse-trainer?

taxwonk

09-21-2004 12:38 PM

Tax Advice Needed!!

Quote:

Originally posted by Greedy,Greedy,Greedy
Does this mean you're giving up the horse-trainer?

I think he's the one they sold the house to.

dtb	09-21-2004 12:43 PM

Tax Advice Needed!!

Quote:

Originally posted by Greedy,Greedy,Greedy
Does this mean you're giving up the horse-trainer?

Pffft. As if.

sunnybunny

09-21-2004 01:33 PM

Help

About an hour ago i started to get a pain in my stomach so bad I feel like I want to die. What does an apendicitis feel like? Ulcer?

Greedy,Greedy,Greedy

09-21-2004 01:36 PM

Help

Quote:

Originally posted by sunnybunny
About an hour ago i started to get a pain in my stomach so bad I feel like I want to die. What does an apendicitis feel like? Ulcer?

Jump from about 1-2 feet up on to the ground. If you double over in more intense pain, get to the hospital right away. If the pain does not notably increase from the jump, it's probably not your appy but it still could be something bad, so you might as well go in.

(but note, getting healtcare advice from lawyers on the internet is even worse than seeking anonymous tax advice here).

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