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  1. #27
    Join Date
    May 2000
    Location
    Colorado flatland native
    Posts
    15,067

    Re: Spotts

    Originally posted by selfemployed
    Your to nice to be a slum lord

    Where do you think your staying when I hold the convention?
    My doctor gave me six months to live, but when I couldn't pay the bill he gave me six months more.
    Walter Matthau

  2. #28
    Just so my cabin has a potty and lots of beer.
    Hey cockroach, don't bug me! ©

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  3. #29
    Join Date
    May 2000
    Location
    Colorado flatland native
    Posts
    15,067

    What else

    could a man need???
    My doctor gave me six months to live, but when I couldn't pay the bill he gave me six months more.
    Walter Matthau

  4. #30
    A big screen TV would be nice.
    Hey cockroach, don't bug me! ©

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  5. #31
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,232

    Spotts

    Fine by me. Guess it's got central heating. Liz doesn't like to cut firewood.
    Be safe not fast. body parts don't grow back

  6. #32
    Join Date
    Jan 2001
    Posts
    1,371
    There's one thing I've always wanted to ask a home owner in the US. I know that the interest you pay on your mortgage is tax deductible. But what happens when you sell the home? Suppose that you bought a home for $100,000 ten years ago and sell it for $200,000 today. What are the tax implications?
    If you don't know what you're doing, do it neatly

  7. #33
    Join Date
    Dec 2004
    Posts
    441
    DICEMAN, you're starting to sound like another pathetic slave owner. Do you really own your own business?

  8. #34
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    hey Guy...as far as i know if you re-invest within 18 months you won't pay any capital gains tax. i think there was a one-time (in your life) complete exemption, not 100% sure about that one though.
    FILL OUT YOUR PROFILE!!

  9. #35
    Join Date
    May 2004
    Location
    Rapid City, SD
    Posts
    7,414
    Originally posted by Guy
    There's one thing I've always wanted to ask a home owner in the US. I know that the interest you pay on your mortgage is tax deductible. But what happens when you sell the home? Suppose that you bought a home for $100,000 ten years ago and sell it for $200,000 today. What are the tax implications?
    This is my 1st time owning a house, so I need to do a lot more checking into this, but here goes.

    When I was talking with the tax guy he was mentioning that the interest I pay wasn't really going to help me. I can't remember if it's because I just don't pay enough in tax's to meet the "deductable" where it starts helping me, or if there's other reasons.

    Also, not sure if it's a state thing or a national thing, but he said that any profits you make on a house are just yours to have, no tax's taken out of them.

    God I hate tax's... They take tax's out of the money you ear, make you pay tax's on stuff you buy, heck in CA I heard they even get your SS# so they can report any income from recycling to the IRS. I sure wish I owned a business that had the market cornered this well.

  10. #36
    Join Date
    Apr 2004
    Location
    Michigan
    Posts
    295
    Generally, if you lived in the home for 2 years out of the last 5, and you haven't sold another home in the last 2 yrs., you can exclude up to $250,000 of the capital gain from the sale (individual), or $500,000 (married, filing joint return).

    I've owned my home for 11 years, original mortgage was 30 years. Refinanced to a 15 yr. mortgage a couple yrs. ago at a lower rate. Payment still the same, all I did was knock 6 yrs. off the loan (minus cost of the loan).

    Still have 13 yrs. left, sure wish I could pay it off sooner. Could have payed off the balance and then some with what I lost in the stock market after '01. Oh well.

  11. #37
    Join Date
    Apr 2004
    Location
    Michigan
    Posts
    295
    Originally posted by amickracing
    When I was talking with the tax guy he was mentioning that the interest I pay wasn't really going to help me. I can't remember if it's because I just don't pay enough in tax's to meet the "deductable" where it starts helping me, or if there's other reasons.
    The standard deduction is $4850 (single), $9700 (married), so if your interest paid, along with any other deductions you could claim (medical, job expenses, state taxes, charity, etc.) didn't add up to at least that, then it wouldn't be worth itemizing deductions, and you would just use the standard deduction.

    Only reason I know is I just finished filling out my tax return today, and it's still sitting here. Always feels good to get that done, not one of my favorite things to do. They sure could make the whole thing a lot simpler.

  12. #38
    Originally posted by indian
    DICEMAN, you're starting to sound like another pathetic slave owner. Do you really own your own business?
    Yes, I have a slave trading business, do you have a strong back?
    Hey cockroach, don't bug me! ©

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

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