Go to Jeff Salisbury LWGate Home Page.From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: Real Estate Lesson formerily [CANSLIM] Homebuilders
Date: Wed, 5 Jun 2002 08:54:07 -0400
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Mr. Lombatto: Since you asked....(no apology necessary)...here's a real life lesson in complete compliance with IRS regulations regarding gains on real estate. When I married my bride five years ago, she sold her home after living in it for 7 years. Big gain, but under $250,000: NO TAX. Shortly thereafter she inherited her mother's home, which had appreciated some $213,000 since being purchased by her parents. However, tax laws say new cost basis equals value at death of owner: NO TAX. I owned a residence (which I had lived in for 22 yrs), which appreciated 683% since purchase, but we got the marital deduction: NO TAX. We then tore down the vacation home I owned and parlayed the above real estate proceeds into our new permanent residence. The vacation home more than doubled in value since purchase: NO TAX on conversion of a rental/vacation home to permanent residence. To keep this "on-topic," there was one major downside: My assets suffered a major consolidation on higher than average volume the day I paid my ex-wife her share of the proceeds from my residence and the vacation home. Just not gonna go there....! Duke PS In answer to your question: Yes, the marriage feels good, too!! - -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of J. Lobatto Sent: Tuesday, June 04, 2002 11:06 PM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] Homebuilders Marriage or the house?!! Sorry..... > It's two years. And if you're married, it's $500,000. Been there and > done that. And it sure feels good. > > -----Original Message----- > From: owner-canslim@lists.xmission.com > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl > Sent: Tuesday, June 04, 2002 10:54 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] Homebuilders > > > I think it is two years. > > > On 4 Jun 2002 at 22:17, Tom Worley wrote: > > > the old. There is a new tax exemption permitting up to $250K in > > gains > > to be taken after occupying a house for three years, I think, without > > paying taxes. > > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. > > > - > -To subscribe/unsubscribe, email "majordomo@xmission.com" > -In the email body, write "subscribe canslim" or -"unsubscribe > canslim". Do not use quotes in your email. - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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