Advice Please!!!

[heathernken]

I would find out the building intentions of the lot buyer and see what his timeing will be like. Does it take forever to get a permit or is it a quick process? The market is practicallly done for '07, but I would want to try to make sure he is not in mid construction come next spring when you would be likely to sell you house. Either that or sell the lot, slash the price on the house and get out of dodge. About the neighbors, they will be unhappy regardless the outcome or the circumstance, so just move on.

 

[Pirate]

Tax free capital gains is 500k on main residence. Sell lot lower house and move on.

 

[Smiling JOe]

Tax free capital gains is 500k on main residence. Sell lot lower house and move on.

Actually, the tax code is for $250K per owner of record. The $500K is often tossed about, but that would be for the typical married couple, which is getting less typical with each day that passes. It could also apply to two brothers or friends who own a house together, and both live in it. In some of the larger estate homes, you could even add more people onto the deed such as parents, and if they live there and meet the qualifications for the tax exemption, the amount of tax free gains increases. Maybe that isn't so common now, but I think we will see much more of the elderly moving in with their children in the future.

 

[Beachlover2]

I have found out that we can use part of our 250K each exemption on the lot if we sell the house within 2 years.

Lowering the price of the house and negotiating on the lot. We shall see what happens.


Thanks for all the imput.

 

[SHELLY]

Maybe that isn't so common now, but I think we will see much more of the elderly moving in with their children in the future.

No, No, NO!! The elderly parents will be flocking in to fill up Florida condo-boxes and the children will be sleeping on the couch.

.

 

[Pirate]

Actually, the tax code is for $250K per owner of record. The $500K is often tossed about, but that would be for the typical married couple, which is getting less typical with each day that passes. It could also apply to two brothers or friends who own a house together, and both live in it. In some of the larger estate homes, you could even add more people onto the deed such as parents, and if they live there and meet the qualifications for the tax exemption, the amount of tax free gains increases. Maybe that isn't so common now, but I think we will see much more of the elderly moving in with their children in the future.

Thanks for pointing that out.