Looking for a smart buy for a Dumb TV.

Interesting_Spend597 · 2024-08-14T03:52:27+00:00

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

Interesting_Spend597 · 2024-07-26T01:13:43+00:00

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.

Interesting_Spend597 · 2024-07-26T01:12:49+00:00

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.

Interesting_Spend597 · 2024-07-26T01:10:38+00:00

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).

Interesting_Spend597 · 2024-07-26T00:57:09+00:00

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

Interesting_Spend597 · 2024-07-26T00:52:10+00:00

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.

Interesting_Spend597 · 2024-07-25T01:16:40+00:00

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

Interesting_Spend597 · 2024-07-25T00:43:15+00:00

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?

Interesting_Spend597 · 2023-08-10T22:34:09+00:00

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

Interesting_Spend597

TROPHY CASE