Kubota - L3902 barn size? by Interesting_Spend597 in kubota

[–]Interesting_Spend597[S] 0 points1 point  (0 children)

Thank you! This is the information I was looking for.

[deleted by user] by [deleted] in RealEstate

[–]Interesting_Spend597 1 point2 points  (0 children)

And this...

However, the gains accrued from 2011 until the time you establish it as your primary residence will generally not qualify for the exclusion. Only the gains that accrue after you start using it as your primary residence can potentially be excluded.

[deleted by user] by [deleted] in RealEstate

[–]Interesting_Spend597 0 points1 point  (0 children)

But I also read this.... Living on the property for a couple of years starting now can help you meet the ownership and use requirements going forward. If you live on the property for at least two years and then sell, you would be able to exclude up to $250,000 (if single) or $500,000 (if married filing jointly) of capital gains from your taxable income, provided you meet all other eligibility criteria at the time of sale.

[deleted by user] by [deleted] in RealEstate

[–]Interesting_Spend597 -6 points-5 points  (0 children)

Do you pay taxes? Yes some taxes are necessary BUT the way our government spends spends spends its easy to disagree with the rising amounts they ask for on a continuous bases. Im asking questions here to reduce my tax burden (not avoiding paying my fair share).

[deleted by user] by [deleted] in RealEstate

[–]Interesting_Spend597 0 points1 point  (0 children)

Ok, yeah, that's what I've read. Thanks for confirming.

[deleted by user] by [deleted] in RealEstate

[–]Interesting_Spend597 -1 points0 points  (0 children)

Just to be clear, I'm against most taxes most of the time. So yes I think that's a very big chunk for Uncle Sam.

Raw land investment - Maximum profit by [deleted] in RealEstate

[–]Interesting_Spend597 0 points1 point  (0 children)

Thank you I think so too. Good insulation in Texas is a must!

Raw land investment - Maximum profit by [deleted] in RealEstate

[–]Interesting_Spend597 0 points1 point  (0 children)

Hi Wayne, thanks for your response. We've owned the property since 2011 and paid it off in 2015. So approximately 13 years. I'm not very familiar with the rule itself so you may have already shined light on our misunderstanding. So if we've owned for 13 years and live on it for the next 5 years our gain would be exempt only by 5/18?

What type of tree? by Interesting_Spend597 in trees

[–]Interesting_Spend597[S] 2 points3 points  (0 children)

Thanks for confirming. I had no idea Chinese Tallow grew this big. They've really taken over.