I closed on the sale of my mother’s condo today. I am going to be hit with a $40k capital gains tax payout. If she had put the property in a trust with me as the beneficiary and tuned it over to me early I wouldn’t owe anything. But she had me listed as co-owner on the initial sale. I am screwed. I told her this 8 years ago but she did not listen.
I drove 200 miles today to make the closing happen. With me running through the woods I realized that the Audi with 66k miles still had the original brake pads. I will be ordering new front pads for a “puck drop brake job” tomorrow. It will get rotors and pads the next time for brakes. I plan on running this Audi until it is economically unfeasible to repair it. My guess is that it will be in the 300k range.
You may want to check with a CPA about the taxes…just to be sure.
My accountant told me that before I would have to pay any capital gains on this property that were over $500k, I would have to live there less than five years to be liable for capital gains taxes…It may be different where you live, but then Texans do not pay state income tax, so we are stuck with the Feds and IRS..
It would have to be my primary residence for the past two years. I checked with my CPA. My only out is to buy a $350k place and live there for 2 years as a primary residence then sell it.
Oh it’s Tsquared…didn’t realize it was you as you commented anonymously..
WordPress has been freaking out lately. It wouldn’t allow me to do anything but anonymous that time.
Good music for meditating; kick back, close the eyes, do nothing.
extexanwannabe 
That was calming.
I closed on the sale of my mother’s condo today. I am going to be hit with a $40k capital gains tax payout. If she had put the property in a trust with me as the beneficiary and tuned it over to me early I wouldn’t owe anything. But she had me listed as co-owner on the initial sale. I am screwed. I told her this 8 years ago but she did not listen.
I drove 200 miles today to make the closing happen. With me running through the woods I realized that the Audi with 66k miles still had the original brake pads. I will be ordering new front pads for a “puck drop brake job” tomorrow. It will get rotors and pads the next time for brakes. I plan on running this Audi until it is economically unfeasible to repair it. My guess is that it will be in the 300k range.
You may want to check with a CPA about the taxes…just to be sure.
My accountant told me that before I would have to pay any capital gains on this property that were over $500k, I would have to live there less than five years to be liable for capital gains taxes…It may be different where you live, but then Texans do not pay state income tax, so we are stuck with the Feds and IRS..
It would have to be my primary residence for the past two years. I checked with my CPA. My only out is to buy a $350k place and live there for 2 years as a primary residence then sell it.
Oh it’s Tsquared…didn’t realize it was you as you commented anonymously..
WordPress has been freaking out lately. It wouldn’t allow me to do anything but anonymous that time.
Good music for meditating; kick back, close the eyes, do nothing.
There is a much longer version of the song out there too…I always liked it.