Selling a second home. Need some Tax/Option Advice

[pipewrench]

I just did this.
My tax guy said I’ll have to pay Uncle Sam capital gains, no way around it.

If you find out something different, I’d like to hear the ins and outs. Foreign concepts for me.

 

[davans]

I just did this.
My tax guy said I’ll have to pay Uncle Sam capital gains, no way around it.

If you find out something different, I’d like to hear the ins and outs. Foreign concepts for me.

I think we’re screwed….

 

[Jdadams]

A good 1031 guy and a good accountant can work wonders.

 

[calebp]

*not a cpa

Rent that mother****er. Current rents are through the roof. Being a landlord is a pain in the dick but let them pay your second mortgage. If it's paid off, let them pay your third property.

 

[roundhouse]

I just did this.
My tax guy said I’ll have to pay Uncle Sam capital gains, no way around it.

If you find out something different, I’d like to hear the ins and outs. Foreign concepts for me.

If it’s been your primary residence for two years out of the last five , there’s no capital gains tax .
I’d refi cash out and rent it .
That’s the easiest way to get the money with no tax.
renting is a pain , no doubt , but rent is up a lot in the last couple of years.
But you will also need professional advice for the renting .
How to screen the renters etc
Or use a local rental agency to handle that for a small slice of the rent.

 

[Deleted member 20426]

I’ve been in sales over 30 years, me and accountants don’t speak the same language.
But I’ll probably have to give it a try.

Would you hire a sales guy to do your taxes? Would you hire a sales guy to treat your heart attack in the Emergency Room? To change your transmission? To build or renovate your house? To defend your son's DUI? None of these guys speak your language, but we still want their expertise.

 

[Deleted member 20426]

I’ve been in sales over 30 years, me and accountants don’t speak the same language.
But I’ll probably have to give it a try.

The last place you should look for tax advice, medical advice etc (other than a recommendation for a trustworthy professional) is…..

 

[calebp]

keep it and rent it. have quite a few finance buddies and, while it can be a pain in the dick, they all tell me this is the way. Unless you already have more wealth than needed, but if that was the case you wouldn't be asking for advice here.

 

[davans]

Would you hire a sales guy to do your taxes? Would you hire a sales guy to treat your heart attack in the Emergency Room? To change your transmission? To build or renovate your house? To defend your son's DUI? None of these guys speak your language, but we still want their expertise.

Relax dude. There are actually some very competent folks here on The ODT. Accountants, CPA’s even lawyers……
I don’t take anyone’s advise as the gosple regardless of their occupation. Just thought I’d kick it around here to see if anyone had any interesting suggestions.