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Old 03-16-2019, 11:16 PM   #15
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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.
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Old 03-16-2019, 11:20 PM   #16
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Originally Posted by arcaguy View Post
....And for added benefit Publication 523, is a great cure for insomnia....
I read it this evening. You got that right!
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Old 03-17-2019, 06:26 AM   #17
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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!
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Old 03-17-2019, 06:51 AM   #18
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I’ve been down the same road and paid the taxes. Somebody has to support the government.
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Old 03-17-2019, 06:54 AM   #19
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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.
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Old 03-17-2019, 07:27 AM   #20
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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...
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Old 03-17-2019, 07:37 AM   #21
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Tax implications of selling a sticks & bricks and moving into an RV?

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Originally Posted by Dav L View Post
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.
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Old 03-17-2019, 08:20 AM   #22
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There is a old saying that if someone is paying taxes, then they must be making money. That's not a bad thing!
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Old 03-17-2019, 08:22 AM   #23
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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!
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Old 03-17-2019, 08:26 AM   #24
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Quote:
Originally Posted by Dav L View Post
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.
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Old 03-17-2019, 08:30 AM   #25
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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!
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Old 03-17-2019, 02:31 PM   #26
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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.
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