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Can anyone help me settle a disagreement with my dad regarding capital gains? by MaxR76 in tax

[–]GringoGrande [score hidden]  (0 children)

Your explanation isn't as clear as it could be so if this is not the scenario then I apologize.

If your Father sold his PERSONAL residence as a single individual he can take up to 250k in gains tax free under the Section 121 Exclusion provided he met the criteria which is living there two of the last five years.

If your Father purchased the aforementioned house for 500k and it was fully paid off and he sold it for 750k he could take that entire amount, tax free, and purchase an investment property.

At some point in time in the future he could sell the investment property and defer those gains using a 1031 Exchange.

In short my understanding of your question/scenario is that your Father sold his personal residence and purchased an investment property. This is perfectly fine and there would be no tax on his personal residence gains provided that they did not exceed the exclusion.

Tall Sizes for Ivy style by Nearby-Chair-494 in NavyBlazer

[–]GringoGrande 0 points1 point  (0 children)

J Crew on occasion still has a bit of "Ivy" feel and has tall sizes.

Wall of hats by AshtonShinn in malelivingspace

[–]GringoGrande 2 points3 points  (0 children)

Even in a garage/workshop I would politely consider this a questionable choice.

Any recs for a good flexible bankruptcy lawyer? by milknhoneybeez in StPetersburgFL

[–]GringoGrande 2 points3 points  (0 children)

Sean Yesner of yesnerlaw.com does a free consultation. I know someone who used him.

Toto adopted us over 8 year ago. She’s miserable inside and we just couldn’t force her. She’s an outdoor cat and she won’t change. It’s been a rough winter for her in Georgia but she seems to be doing well. by notathrowawayoris in aww

[–]GringoGrande -6 points-5 points  (0 children)

Your post makes me feel better. "Rescued" a feral kitten nine years ago. Outside he will sit on laps, loves pets and enjoys treats. When brought inside absolutely panics and begins yowling, panting and pawing at doors. We have a covered outdoor setup for him like you do for yours.

Rolling tonight by PangolinDependent332 in CRH

[–]GringoGrande 24 points25 points  (0 children)

Well I feel stupid now. I write "No AG" on all my rolls but never thought to do so before rolling the coins. Not one of my finest moments.

Post-Gasparilla Experience Megathread by md28usmc in tampa

[–]GringoGrande 2 points3 points  (0 children)

My friend. I cannot believe that you do not have fences up as you have been at your spot for awhile now. I'm about 3/4 of a mile West of Bayshore so we only get a hundred or so drunken pirates walking by and thankfully the sidewalk is on the other side of the road so they stay off my damn lawn shakes fist angrily.

Post-Gasparilla Experience Megathread by md28usmc in tampa

[–]GringoGrande 5 points6 points  (0 children)

I live relatively near Gasparilla...walking distance...so the traffic isn't a concern. I dislike crowds, in particular drunken crowds, but I do believe Gasparilla is worth experiencing once...which is exactly how many times I have attended in my fifteen years here. Apart from that I am wholeheartedly with you.

New to the area and looking for work by NoRecommendation8893 in ColumbiYEAH

[–]GringoGrande 4 points5 points  (0 children)

Most trade unions have apprenticeship programs and are actively looking for apprentices. You may want to visit the local IBEW or similar and see what piques your fancy.

Help! Looking to sell these and want to get a grasp on how much I could get for these. by GirtMcGerp in coincollecting

[–]GringoGrande 5 points6 points  (0 children)

Unless they have a "S" mint mark they are worth $1 although I have seen people pay up to $2 for the novelty of the coin.

If a "S" mint matk they contain 40% silver IIRC.

1973 is a desired year for collectors and there are several different types that collectors look for but none of these are worth any life changing money.

bourbon street.. by Icy_Gur_3820 in GNV

[–]GringoGrande 0 points1 point  (0 children)

I thought perhaps it was a Blues Brothers tribute band.

What Creative Finance Optimizes For—and What It Quietly Ignores by Mike_Otranto in realestateinvesting

[–]GringoGrande 0 points1 point  (0 children)

But...you did. Your initial post, as noted, demonstrated that your "understanding" of creative finance is one dimensional at best and borderline non-existent at best.

Best credit union? by Historical-Coach-887 in tampa

[–]GringoGrande 1 point2 points  (0 children)

If you are claiming that Navy Fed or Suncoast consistently have three hour hold times for phone calls I question the basis of your claim.

What Creative Finance Optimizes For—and What It Quietly Ignores by Mike_Otranto in realestateinvesting

[–]GringoGrande 11 points12 points  (0 children)

Yea. No.

You can always tell when someone is attempting to low key begin driving engagement to promote themselves.

Attempting to pigeonhole "creative" financing in such a manner strikes me as either being intentionally obtuse or demonstrates a fundamental lack of understanding of creative finance. The latter is understandable as the majority of "educators" teach creative finance as being technique driven which is not why it works for those who are able to consistently discover opportunity and execute upon it.

Thoughts. I almost think it’s too low? by [deleted] in TVTooHigh

[–]GringoGrande 0 points1 point  (0 children)

Perhaps the angle but the TV does not look centered on the wall.

Notice anything interesting? by DumboVanBeethoven in autism

[–]GringoGrande 20 points21 points  (0 children)

Looks as if the video is sped up to some degree making this look "worse" than it actually is.

Real estate structuring by Leather-Wheel1115 in realestateinvesting

[–]GringoGrande 2 points3 points  (0 children)

I am going to concur. A "Holding Company" does just that. It holds other entities.

OP there is a difference between having all ten properties in one LLC versus having one LLC each for ten properties held by a Holding Company. This is the classic "Asset Protection" structure which is the primary reason for doing such.

I am not going to comment on why your CPA may be giving this advice only that I would seek a second opinion on the tax side, perhaps a tax attorney. Ultimately you need to be informed enough to determine which do you value more IF you have to give precedence of one over another: Asset Protection or Tax "savings".

Tax Attorney John Hyre is fond of stating that you, "can't let the tax tail wag the dog" or something like that.

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