|
|
03-16-2019, 11:16 PM
|
#15
|
Member
Newmar Owners Club Solo Rvers Club Spartan Chassis
Join Date: Jul 2014
Location: Traveling the country...
Posts: 49
|
This is really good advice, and I appreciate it. Yeah, I read a lot today about this (should've researched before posting), and you're right about not being able to offset the gains by buying the next house. Guess I'm SOL on that one. Looks like the only time you can do that is on a 1031 exchange if you sell an investment/rental house. Thanks folks.
__________________
2018 Newmar Dutch Star 4327, Spartan K2 chassis
2017 Jeep Grand Cherokee Trailhawk
2015 Winnebago Travato 59G (sold)
|
|
|
|
Join the #1 RV Forum Today - It's Totally Free!
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
|
03-16-2019, 11:20 PM
|
#16
|
Member
Newmar Owners Club Solo Rvers Club Spartan Chassis
Join Date: Jul 2014
Location: Traveling the country...
Posts: 49
|
Quote:
Originally Posted by arcaguy
....And for added benefit Publication 523, is a great cure for insomnia....
|
I read it this evening. You got that right!
__________________
2018 Newmar Dutch Star 4327, Spartan K2 chassis
2017 Jeep Grand Cherokee Trailhawk
2015 Winnebago Travato 59G (sold)
|
|
|
03-17-2019, 06:26 AM
|
#17
|
Senior Member
Join Date: Feb 2019
Location: Jenison,MI
Posts: 310
|
I guess if it is too much of a problem I will start a 501c3 and you can contribute 1/2 of what you made on the house to me and you can deduct that amount!
__________________
Rich
1998 Georgie Boy Swinger/2005 Jeep Liberty
[SIGPIC][/SIGPIC]
|
|
|
03-17-2019, 06:51 AM
|
#18
|
Senior Member
Entegra Owners Club
Join Date: Nov 2012
Posts: 8,108
|
I’ve been down the same road and paid the taxes. Somebody has to support the government.
__________________
Marc and Jill, Wellington FL
2013 Entegra Anthem 44SL
2018 Lincoln MKX
|
|
|
03-17-2019, 06:54 AM
|
#19
|
Senior Member
Join Date: Jan 2016
Location: Central Ohio
Posts: 707
|
I think the cost to have a CPA review and prepare your taxes would be worth it. A good CPA will not only look at the real estate transaction, but also other non related potential deductions as well such as IRA deductions, HSA deductions, etc. Of course the additional deductions mentioned above depend on your age and possible work status.
__________________
Regards,
Ohio Snake
|
|
|
03-17-2019, 07:27 AM
|
#20
|
Senior Member
Join Date: May 2017
Location: Metamora, MI
Posts: 5,518
|
Since I built my own home, I wonder how the tax basis is figured...does sweat equity count?...Our plan is to downscale to a new built S&B once the kids are in college. I assumed any profit in the old would be deducted while going into the new. Not sure if the new will exceed the value of the old, but I wouldn't think so.
And, who knows the RV might be somewhere in the middle between sale of the old and CofO of the new. I am pretty sure I'll be "living" in it during new construction
sorry for the thread detour...got me thinking...
__________________
2002 Newmar Mountain Aire Limited 4370 w/ Spartan K2 and Cummins 500hp
ASE Master Certified (a long.....time ago...)
|
|
|
03-17-2019, 07:37 AM
|
#21
|
Senior Member
Join Date: Jan 2016
Location: Central Ohio
Posts: 707
|
Tax implications of selling a sticks & bricks and moving into an RV?
Quote:
Originally Posted by Dav L
Since I built my own home, I wonder how the tax basis is figured...does sweat equity count?...Our plan is to downscale to a new built S&B once the kids are in college. I assumed any profit in the old would be deducted while going into the new. Not sure if the new will exceed the value of the old, but I wouldn't think so.
And, who knows the RV might be somewhere in the middle between sale of the old and CofO of the new. I am pretty sure I'll be "living" in it during new construction
sorry for the thread detour...got me thinking...
|
That is a CPA question to get an accurate answer. I once asked my CPA if I can deduct mileage or RV payments in any month I business travel with the RV. The answer was doing so can raise a big red flag especially if the RV payments are way in excess of a normal hotel / motel cost. Based on that answer....don’t want any red flags.
__________________
Regards,
Ohio Snake
|
|
|
03-17-2019, 08:20 AM
|
#22
|
Registered User
Join Date: Oct 2017
Posts: 4,985
|
There is a old saying that if someone is paying taxes, then they must be making money. That's not a bad thing!
|
|
|
03-17-2019, 08:22 AM
|
#23
|
Senior Member
Join Date: Nov 2013
Posts: 520
|
Quote:
Originally Posted by Mr_D
Really hate that exemption rule as it's going to cost me. We bought the house 32 years ago, worth far North of what we paid, but my wife died in 2016 so there went half of the 500,000 exemption through no action of mine. Same with standard deduction.
|
Talk to a tax professional. My wife died 4 months ago. I too was worried about capital gains until my accountant explained that capital gains is calculated on the value of the home when the spouse died, not from when you jointly purchased it. So you will have to figure out what your home was worth at time of your wife's passing. Good luck!
__________________
2019 Entegra Esteem 29V. Just me and my little dog Hope!
I am not a mechanic but I do play one in my garage!
|
|
|
03-17-2019, 08:26 AM
|
#24
|
Senior Member
Monaco Owners Club
Join Date: Jun 2014
Posts: 14,494
|
Quote:
Originally Posted by Dav L
Since I built my own home, I wonder how the tax basis is figured...does sweat equity count?...Our plan is to downscale to a new built S&B once the kids are in college. I assumed any profit in the old would be deducted while going into the new. Not sure if the new will exceed the value of the old, but I wouldn't think so.
And, who knows the RV might be somewhere in the middle between sale of the old and CofO of the new. I am pretty sure I'll be "living" in it during new construction
sorry for the thread detour...got me thinking...
|
My guess is that sweat equity does not count. I'm in the same situation, finishing up on a new house now and have done a lot of the work myself. Who knows what it would have cost to have someone do everything I've done. Even if I only count my time at $10/hr it would add up to $$$$. No way to deduct that from the base.
__________________
Jim J
2002 Monaco Windsor 38 PKD Cummins ISC 350 8.3L
2005 Jeep Grand Cherokee w/5.7 Hemi
|
|
|
03-17-2019, 08:30 AM
|
#25
|
Senior Member
Join Date: Jan 2016
Location: Central Ohio
Posts: 707
|
Quote:
Originally Posted by grindstone01
There is a old saying that if someone is paying taxes, then they must be making money. That's not a bad thing!
|
Unless your paying too much tax!
i have another saying.....
Its not much money you have, but how much money you get to keep!
__________________
Regards,
Ohio Snake
|
|
|
03-17-2019, 02:31 PM
|
#26
|
Member
Newmar Owners Club Solo Rvers Club Spartan Chassis
Join Date: Jul 2014
Location: Traveling the country...
Posts: 49
|
Quote:
Originally Posted by rjreiffer
I guess if it is too much of a problem I will start a 501c3 and you can contribute 1/2 of what you made on the house to me and you can deduct that amount!
|
Nice try, but I'll have to think about that one.
__________________
2018 Newmar Dutch Star 4327, Spartan K2 chassis
2017 Jeep Grand Cherokee Trailhawk
2015 Winnebago Travato 59G (sold)
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|