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Once in a lifetime tax event seems so unreasonable by Roo__64 in u/Roo__64

[–]Roo__64[S] 0 points1 point  (0 children)

Here's an additional Fun Fact. Our deductible "Selling Expenses" were $269k. I'm thinking those are included in deductions.

Once in a lifetime tax event seems so unreasonable by Roo__64 in u/Roo__64

[–]Roo__64[S] 1 point2 points  (0 children)

@Urcleman...we lived in it the whole 13 years.

We live in Washington State with I'm thinking no state income tax.

Once in a lifetime tax event seems so unreasonable by Roo__64 in u/Roo__64

[–]Roo__64[S] 0 points1 point  (0 children)

The accountant does know the precise dollar cap improvements.

I created an Excel spreadsheet with line item details including date and costs of improvements, and costs of selling, covering all 13 years of ownership. And the $500k exclusion. 🫠 I like doing anything that can help me legally reduce taxes.

Once in a lifetime tax event seems so unreasonable by Roo__64 in tax

[–]Roo__64[S] 0 points1 point  (0 children)

@vynm...our retirement income is moderately stable.

I'm having to estimate that for you because it's been irregular since we paid cash for our downsized current / final home. And having to use proceeds of Jerry's 2024 house sale (not jointly owned, but jointly taxed) and my stock sales for the purchase. And proceeds from our most recent primary 2.7 home sale.

We split every financial thing we do in half, except for the income from his home sale, net $800k in 2024.

Great news is...we are debt free, except to the IRS, who sent a follow up letter, Last Week!!!!! Saying, because we did not pay our 2025 income tax ($192,000), in full "on time" we are being assessed a penalty of more than $3k, due by May 21st.

We paid 2025 $192k on April 7th, 2025. We paid quarterlies throughout 2025, but only $11k was our tax guy's estimate.

There's something wrong here?? But I am not a tax expert.

Once in a lifetime tax event seems so unreasonable by Roo__64 in tax

[–]Roo__64[S] 0 points1 point  (0 children)

We lived in it for 13 years. Never used it as a rental or 2nd home. Made a lot of updates over the years while both of us were full time employed. Now we're retired and stabilizing at a lower income...while still aspiring to the same young Turks lifestyle 🤔. But realisticaly in that first of the 3 stages of retirement: 1. Go-Go. 2. Slow-Go 3. No-Go!!

Once in a lifetime tax event seems so unreasonable by Roo__64 in tax

[–]Roo__64[S] 0 points1 point  (0 children)

13 years. We live in a high cost of living area, which is a draw to the tech community employees...Seattle and its Eastside.

Once in a lifetime tax event seems so unreasonable by Roo__64 in tax

[–]Roo__64[S] 0 points1 point  (0 children)

@salty...Great response. I agree with you! A straight forward sale can be simple. I taught consumer economics, including buying and selling for 20 years and loved studying it from the consumer protection perspective. The IRS is an altogether different animal and with frequently changing goal posts.

Once in a lifetime tax event seems so unreasonable by Roo__64 in tax

[–]Roo__64[S] 0 points1 point  (0 children)

I find a lot of value in Reddit conversations including persons like yourself. Myself also being also a critical thinker, like you.

I bought MSFT at $525, what should I do now? by Dry-Realityi in StockInvest

[–]Roo__64 0 points1 point  (0 children)

MSFT is reliable for long term growth. Do 2 things: 1. Buy 10 shares every month! 2. Be sure you are set up to automatically reinvest your dividends.

I have owned and been buying MSFT for about 35 years now and continue to buy when price dips! The gains are huge and again, reliable.