Supply of homes for sale 4-year low OCRegister (blog)
Aw, poor VvhORe…he tries so hard to be funny, but just can’t quite make it. I guess that makes you, Gimper, and suckg the 3 stooges then. Not that the copy-and-pasters contribute much, but it’s still way more than you’ve ever contributed. For the record I just posted DataQuick’s numbers showing the median decreasing in many OC zips to refute suckg’s claim that prices were heading up and also posted Trulia’s sale price per sq. ft. refuting suckg’s claim that the bottom was in 2005. You can go look those up if you want insight and data. You, on the other hand don’t even post anything to refute. Just lame comments about other people’s posts.
So, why don’t you go ahead and put yourself out there and explain what you think is going on in the market and enlighten us with your predictions with some data to back them up. I’ll check back tomorrow to confirm what I already know, which is there will be no response from you with any substance, insight, data, or anything of value.
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How long after a sale of a home do you have to purchase your next home before you have to pay capital gains?
How long after a sale of a home do you have to purchase your next home before you have to pay capital gain taxes on those earnings from your home sale?
With in that same year? Or is it calender year, or longer?????
The rule about repurchasing a home (it was within a year, 18 months for new construction) has been gone now for quite a few years. Now, as long as you owned the home and lived in the home as your main home for two of the five years immediately prior to the sale, you don't pay any tax on up to $250K of gain - $500K on a joint return. Unless your gain is over that, you don't report it.
Will I have to pay capital gains on a home sale if I purchase another home during the same year?
Will I have to pay capital gains on a home sale if I purchase another home during the same year? I plan to buy the new home first and then 3 to 6 months later sell my existing home, but both transactions within the same year. The home I will buy will be valued around 130K and the one I will sell will be around 80K. Any educated ideas or advice would be appreciated? Thank you.
If your home was used 100% of the time as a personal residence than all of your gain will be excluded from tax if you meet the requirements of IRC Section 121 which talks about the residency requirement of 2 out of 5 years since you are way less than the 250,000/ 500,000 gain levels. But, if you used any portion of your home as an "office in the home" and took deductions for that, then the portion that relates to the office in the home, is not considered a personal residence but a business home. It is possible that you will have some gain, if you took the deduction for office in the home.
The purchase of the new home has nothing to do with the exclusion of your gain.
If you owned and lived in the home for 2 of the 5 years before you sold it, you can exclude the first $250k ($500k if married) of gain.
The purchase of another home will not change the tax-free status of the sale of the first home.
You will not include any information on the sale of your home on your tax return.
If you owned the first home for at least 2 of the 5 years immediately before the sale, and lived in it as your main home for two of rhose same 5 years, you probably won't have to pay and cg tax on the sale.
How will the IRS divide proceeds on the sale of a home if there is lien?
I divorced my husband. He did not pay his taxes. We filed jointly for a few years and then I got wise and refused to file jointly. There are liens on the home we own, some liens are in his name only and for the joint filings, are in both names. The proceeds of the home sale will not cover the total lien amount, both joint and separate. My half of the proceeds will more than cover my share of the joint lien. His half of the proceeds will not cover all of the lien amount. Will the IRS view the proceeds from the sale as half mine and half his and take for the liens accordingly, which would give me a little money from the sale?
The IRS will take their liens first and then if there is anything to be divided they will send you a check although if you can prove your half is sufficient for the tax years involved they may cut you some slack but i highly doubt it .
How does our home sale affect our taxes?
We recently sold a home and made some profit from it, although it sold for less than the appraisal. How are the proceeds from the sale looked at as far as tax time? Does it hurt or help us?
If you are married, the amount you pocketed was under $500,000 and you reinvest it in your primary home within two years, it's no difference at tax time.
If you are single, the cap is $250,000.
Congrats in making money on your house!
If you made more than the $250k/$500k above, then you need to determine your tax basis (which is your original purchase price, plus any improvements made, plus any selling costs such as closing costs and real estate commission) and then subtract that from the gross sales price to determine your profit. If your profit is above the $250/$500 above, or you stayed in the house less than 24 months, then generally you will owe tax at 15% on the profit.
Rolling profits from the sale of my home to an IRA?
I know I could roll home sale profits tax free(at least for now) to the purchase of another home, but can I do anyting similar to roll it tax free to a college fund/IRA of anykind?
The profit from the sale of your home is exempt from any tax if you lived in it for 2 of the 5 years immediately prior to the sale. Up to $250,000 is exempt if your filing status is Single and up to $500,000 is exempt if you are Married Filing Jointly.
You do NOT need to purchase a replacement home to get the exclusion. That's the old "Rollover Replacement Rule" and was a deferral, not an exemption, that was thrown out about 10 years ago.
If you wish to put some of the profit in an IRA you are free to do so if you are otherwise eligible to make an IRA investment, i.e. you have at least that much in taxable income and you have not already contributed the maximum amount for the tax year in question. If the profit is tax exempt, I'd highly recommend a Roth IRA since the gain is tax free upon withdrawal if you wait until age 59 1/2.
You cannot rollover capital gains into an IRA. You could purchase a tax-deferred annuity, or use the gains to contribute the maximum IRA amount allowed over a period of years.
If you don't meet the two year tests, you still might be eligible for a pro-rated exclusion if the move was due to a job change, health reasons, or other unforeseen circumstances.
Is disconnected water softener real or personal property for a home sale?
A home listed for sale had a water softener completely disconnected before the buyers saw the property for the first time. The softener was kept in the basement - disconnected - while the potential buyers made 2 separate visits to the home. After the buying contract was signed by both parties, the buyers decided they wanted the softener. The home was never listed in the MLS as having a water softener - because the sellers disconnected it to take with them when they move out. Who gets the softener?
ask your realtor. they'll know best.
We planned to take our children's Swing set with us because it wasn't concreted in and had to leave it, we asked for our Curtians in the kitchen because it matched our entire kitchen set and I didn't know I need to remove them before listing.
But yes, when you put your home on the market, if you want to keep the watersoftner or the Fridge or the Curtians, you must clearly mark it and state that in the paper work that the Fridge, curtains, water softner are not included, then lets say they wanted the water softner, you could negotiate to leave it, as some owners do with pools and pool tables.
To include the purchase in the sale and they pay for it in the purchase price by upping the purchase price.
Another thing is that you can't sell something you are making payments on. For example, we had bought a Furnace and we were not done paying for it, we had to pay it off before we could sell the house.
A water softener is an appliance, like a stove or fridge. The prospective buyers should have asked if the water softener was staying as part of the property, just as they would likely have asked about kitchen appliances not specified.
[The real estate agent should have advised the sellers to remove the water softener from the premises before showing the house. The buyer's agent should have been on top of it, too.]
Would you buy a home without a home sale contingency?
The seller isn't accepting offers with a home sale contingency clause. We've been approved by our lender to proceed without the contingency, but the payment is really ugly. Would you proceed without the contingency or let the house go? I just don't know what to expect in this market.
If this is the house of your dreams and it is a great deal then go for it. This will motivate you to price your house properly with the market. If you wait till the market turns around then other homes will cost you more when the time comes.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
What benefits would a mortgage company have to delay the closing of a home sale?
We have been trying to purchase a home for the last 5 months. We are being told by the seller's realtor that the seller's mortgage company is not responding to their repeated attempts to finish the closing deal. The seller's realtor is faxing the paperwork 2 times a day, calling and getting the run around, etc and getting nowhere with the company. Two weeks ago the mortgage company did respond and said they were missing a form from the realty company, which has now been completed and still no response. Are there possible reasons why this mortgage company is not responding? What do they have to gain by not following through with the sale?
In response to the posting that said I was being misleading. Yes, this house buying process has had many roadbumps--too many to include in this 1 post w/the amount of space I am allowed. Many of the issues I had previously posted had been resolved (or so I was informed); The Lis Pendens (we were informed by the seller's realtor that it had been negotiated off); the sellers did owe $ over what they accepted on our house offer (we were told that they negotiated w/ their mortgage), possible foreclosure in progress (we were assured by the realty company that they had not received any notice that a foreclosure was in sight). That being said, these last few weeks what we have been told was that it was the lack of communication back from the mortgage co. that was creating the roadblock, not any previous issues. When I posted this question, I was merely trying to ascertain if there was a reason a mortgage co. would delay the closing (possible shady company?); Thanks to those who answered.
You are being lied to for some reason or another. If you have a signed purchase and sale agreement with yours, the seller's and your respective representatives. Then there is nothing the seller's mortgage company can do to stop the transaction. In fact they have nothing to do with it. Once your lender has completed the loan packet and the appraisal, the approval, title searches and inspections are done. Then it's just a matter of drawing doc's. That is when the escrow company will get a hold of the current lien holder on the house and get the appropriate payoff's.
So agree with what the other person said, that perhaps they are trying to hold out for another offer. However if you have a finalized purchase and sales agreement then they are putting themselves at risk for a law suit particularly if you gave them Ernest money with the P&S. It also sounds to me like you are not working with a Realtor who acts as your buying agent which is a huge mistake. Never ever under any circumstances deal with a selling agent without obtaining the services of a realtor to act as your buyers agent.
Should I include the washer and dryer in the sale of my home or sell it separately?
We have a very nice relatively new washer and dryer, front loader. Is it better to include it in the home sale or sell it separately? Would it be a great selling point?
What is the fair going rate for sales commissions for Colorado home sale?
Can anyone tell me what the fair market compensation is for sales commission for the broker of a home sale in Colorado is? What should I consider fair for the seller of my home and the buyers agent? Thanks very much! Going through a divorce, have to sell my home...think my soon to be ex and her friend are trying to screw me on the commission. maybe kicking back some to her on the side. Appreciate any opinions.
Hello. The usual commission for the sale of a home is 6%, split between the buyer's agent and the seller's agent, unless the same broker handles both parties.
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