Capital Gains taxes really piss me off

[Trotsky]

If only your folks had foregone a vacation home or two and allocated some money toward their kid's education.

 

[welcometohavoc]

That couldn’t be farther from the truth

I guess not being able to buy two Porsche's is a drag

 

[machidafan99]

Take your troubles to mulberry

 

[machidafan99]

Why wouldn't you have to pay taxes on a profit??

Because he's a rich liberal hypocrite

 

[HatchetHarry]

If only your folks had foregone a vacation home or two and allocated some money toward their kid's education.

They paid for my Bachelors in Political Science, Fire Academy, Paramedic, and Bachelors in Nursing. I am paying for my Masters in Family Nurse Practitioner although they are giving me 14k a year in gifts.

 

[Liquid Smoke]

Good to see your parents have entrusted their bright young son to seek out tax professionals on a boxercising forum.

You wanna be a fucking investor?

 

[PainIsLIfe]

Parents are selling their beach house and because it’s not their primary residence they have to pay capital gains taxes on the profit. This is after paying real estate fees and everything.

Any real estate tax experts here? I lives there for 2 consecutive years in the last 5 years and received my mail there. Can they claim exemption if a family member used it as their primary residence?

Not an "expert", but no there isn't an exception.

Your parents should have moved in for 2 yrs before they sold it to claim it as their primary home - assuming they're retired and had the option

 

[ultramanhyata]

But Warren Buffet pays less taxes than his secretary!

He pays a lower MTR. Not a lesser total dollar amount. Obviously.

 

[Rational Poster]

They paid for my Bachelors in Political Science, Fire Academy, Paramedic, and Bachelors in Nursing. I am paying for my Masters in Family Nurse Practitioner although they are giving me 14k a year in gifts.

 

[HatchetHarry]

What is funny

 

[Rational Poster]

What is funny

You leech off your parents and ask for tax advice on a subforum of a karate forum.

 

[HatchetHarry]

You leech off your parents and ask for tax advice on a subforum of a karate forum.

It’s the only forum I am registered for. I don’t leech off anyone

 

[panamaican]

Cant they do the 1031 exchange? Basically use the profits to buy some other piece of RE within certain time, and not get hit with cap gains tax.

My company sold a building they own in dumpy part of NYC, and use that money to buy another one in the more yuppy/hipster/LGBT area where everyone has rich parents, and probably own beach homes too.

Sure but there are very specific rules for running a 1031 and one of them is that you need to identify the property in advance and complete the transfer within 6 months (don't quote me but I'm 95% sure it's 180 days). If the current property isn't worth the cost of upkeep, I don't think that necessarily helps them unless the new property is a better deal.

However, given the rates on AirBNB, I'm surprised that this house is no longer financially sustainable when it's not exactly an expensive piece of property.

 

[Exception]

Good to see your parents have entrusted their bright young son to seek out tax professionals on a boxercising forum.

Boxercising. Lmfao.

 

[Rational Poster]

It’s the only forum I am registered for. I don’t leech off anyone

 

[Exception]

What is funny

He's mad that 1. You have multiple degrees and he isn't smart enough or wealthy enough to afford one and 2. You learned how to use words correctly, something he can't do (as evidenced by his "posting")

 

[tdluxon]

Paying taxes always sucks ass

 

[Long Dark Blues]

Then tell your parents to sell it for $200k and break even, no taxes.

 

[HatchetHarry]

Sure but there are very specific rules for running a 1031 and one of them is that you need to identify the property in advance and complete the transfer within 6 months (don't quote me but I'm 95% sure it's 180 days). If the current property isn't worth the cost of upkeep, I don't think that necessarily helps them unless the new property is a better deal.

However, given the rates on AirBNB, I'm surprised that this house is no longer financially sustainable when it's not exactly an expensive piece of property.

They didn’t want to deal with AirBNB. I even offered to manage it and just asked for them to try it for one year. It could have definitely turned a positive profit even with an AirBNB property manager that takes a larger percentage than a standard property manager.

I’m saving for a vacation home on the west coast of Florida(Clearwater, Bradenton, Sarasota) areas. Hoping to get one within the next 5 years and I’m going to make it an AirBNB while using it for vacations and to sleep while I travel to do part time work.

 

[jefferz]

Yeah it's bullshit. And lunatic liberals will tell you that the government deserves that money.

How big is that defense budget going to be?