Sunday, August 12, 2007
moving sale
Guys, I need someone to buy my house. Carmen and I went and put some money down for them to start building for us down the street in Andrew's old neighborhood. Andrew, sorry we were late on making a decision to move, else we would've just bought your place. We're getting the same house, but with a sunroom which I will dedicate to you and your wife. It will be called "The Stacy Solarium" and I will have inner-city artists paint your likenesses on the ceiling in there. Andrew, did you pay Vicki commision?
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13 comments:
I hope you've been there for two years to avoid capital gains taxes.
i don't think we're going to make enough off of it to get hit with that.
As long as you re-invest the money into a primary residence of greater value withing 2 years, you will avoid the capital gains.
Wait, who am I to question an M.B.A. Sorry about that.
Kevin, captial gains doesn't care if you "make enough off of it" or not. But you are buying another house so the point is moot.
And yes, we paid Vicki commission. But it was in ball sweat. A commodity I find myself in surplus of here in Memphis.
Yes, we paid the 6% commission. 3% to her and 3% to the buyer's agent.
that's no way to treat friends now is it? we've decided since we have 5 months to put a for sale by owner sign up and if we get absolutely nothing happening, just get a realtor. my parents are letting us stay with them rent-free, so i want to sell this place quick.
oh yea, big randy came in while we were talking to randall and heard us trying to figure out if we wanted granite counters. he asked randall if we were signing up today and said to just give us a thousand off granite and they'll also throw in some extra landscaping. i think his generosity comes from his well-groomed moustachio.
That invest in another home within two years might have worked for your parents, but this is a new millennium.
If your house cost 175,000, every dollar over that amount when you sell it again is taxable. So if you sold it for 180,000, you have a 5,000 taxable gain. If you owned the home for less than a year it is taxed as ordinary income. If you own it for longer than one year it is taxed as long term capital gains, which thanks to President Bush is only 5% for those individuals in the 10 to 15% tax brackets and 15% for those folks in the higher tax brackets. If you own your home for longer than two years, there are 0 taxes no matter what. Actually, as long as you file a joint tax return you can exclude $500,000 in capital gains on the sale of a primary residence that you have lived in for greater than two years. So if someone is willing to pay 675,000 for the house that cost 175,000 you could pocket all of it or buy a supercomputer.
I stand corrected and ashamed.
i bought my crib (pad) for like 162,000 in december 2005 and i'm asking 175,000 when i sell it now in august 2007. i don't know about all this jibba jabba. here is what i do know:
* it'll be ready in 5 months
* my youngest nephew things bob the builder is building it
* the back patio will be shady in the afternoon
* there may be some headbutting on whether or not i can have a urinal installed
* i've got to sell this house quick
* and i'll live on the same street as justin's ex-girlfriend
everything is is just fluff
ok, talk to you later...bye bye
Nikki Morgan will now only be referred to as Justin's ex-girlfriend. Spread the word.
I hope Nic... I mean "Justin's ex-girlfriend" is OK with having someone that sweats as much as Kevin does near her home.
Kev, why the move?
Landon, thanks for the information, you truly are one of the leading minds in today's business world. That and your baby making abilities should take you places.
we're gypsies...our tears can bring you protection
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