Bought an apt in Staten Island; I qualify for a cap gain tax exclusion of $250k if I sell by Nov (5yr mark). Was gonna list in Apr but given shutdown of RE, wondering if tax rules will be eased..

like
Posting as :
works at
You are currently posting as works at

So that I can still claim this exemption if I can’t sell by Nov. Unwilling to sell at “fire sale” price just to sell. My tax advisor said “Right now I don’t the answer too, it may have exception. You can call IRS see if they know anything.” Thoughts?

IRS is going to need every dollar it can get, and this tax rule is intended to encourage home buying which is going strong. Unless there’s a big drop off on housing demand / prices, I don’t see any chance that an exception gets enacted this year. Are you making decent rental income on it? Do you need the money?

Thx for the input. Maybe making $100/mth profit; nothing exciting but better than losing money. And no, I don’t need the money.

I assume that you’ve been renting it out the last 3 years (2 in five rule). I doubt that this rule will be eased at all - you may want to throw it on the market at a good price right now and see if anyone bites. Is there a current living in the unit right now?

Just be warned that it is very difficult to find new tenants right now. I just had an apartment come vacant and it was harder to fill it than I’ve ever experienced in the past 9 years. I’d keep you current tenant with a small bump (2-5%), or list it for sale and see what happens. Apparently sales are still going strong in many markets

like

Btw if you did not live there yesterday you’re already going to pay tax on the pro rata portion of the 5 years that you didn’t live there.

Agree and I’ve only done cash out refis, never done a 1031. However once you own a property long enough for it to fully depreciate, a cash out refi won’t bring back your annual depreciation expense to offset rental income. 1031s tend to make more sense on larger / more expensive properties where you want to keep your equity rolling and leveraged and the fixed cost of hiring a 1031 intermediary is negligible.

like

Related Posts

Where are you guys at Deloitte buying options for GME/AMC/NOK, etc..
Now? Td ameritrade blocked them.

like

Hoping to earn rental income. Any good advice or resources on getting started? What’s your experience been like? Thanks for sharing in advance!

like

I’m a renter with 10 months left on my lease. Have an option to invest in a 3 unit property with someone who would live in one of the units. Would it be a bad decision to invest but continue renting?

likehelpful

Any tax accountants/attorneys in here? What would happen to the 401k of a foreign worker if they cannot longer maintain an immigration status and have to go back home? What about a ROTH 401k? Assuming they made after-tax contributions, would they still be able to take tax-free distributions if they are non-resident aliens for tax purposes?

like

Hey I am a new real estate sales person kitchener/waterloo area in Ontario, does anyone knows some real estate brokerage that provides training and has low commissions split as well?

like

HNY all! I have multiple rollover and traditional IRAs, as well as a solo 401k. But (since I started paying attention to this kind of thing) have always been over the income limit to start a Roth IRA. I’ve also not done much contributing in the last few years due to purchasing an apartment and saving for renovations. Cue pandemic joblessness... if married filing separately, would you say it’s a good idea to start a Roth while under the income limit, even in this climate? Any reason not to?

like

If you had 2 mortgages at the exact same interest rate (1 is a 15 year and the other is a 30 year), does it make sense to put extra payments (say 400 per month) towards one or the other? Looking at it purely from a $ perspective in the long term (not psychological where You prepay the lower balance quicker to ultimately have only one loan).

15 year loan - 125k balance (renting this property out)
30 year loan - 400k balance (looking to buy this property soon)

like

New year checklist for amex plat, CSR, Delta, and AA? :)

like

Is there a brokerage account where you can automate daily purchases of ETFs? Say, if I wanted to invest $50-100/day in ETFs, without having to manually transfer the money from my bank account? I’m new to the US, but seem to have my 401K with Vanguard so they might be easiest if there are multiple options.

like

Which pension plan does KPMG UK use? I’m US based but needing to rollover my existing UK pension due to new job / new independence restrictions and trying to align plans. Thanks!

Is it better to get credit at closing or lowering the overall home price?

seller is offering to lower the cost or give credit to fix the flooring

like

Question for my 401k focused advisors out there--what programs are you using that is instrumental to your 401k practice that you simply can't do without? I'm being pitched on Envestnet & im not sold.

like

Should I invest in Tesla or Apple? Looking at least 1+ yr to hold

like

Hi Friends, I have some responsibilities which I need to carry out for my families and dependents for which I need some money in the next two years.

I dont want to change my job just for increasing my salary as it would bring some extra pressure and other complications with it .

Please help me out in earning some passive income ..

any idea or suggesstions would be much appreciated.

like

Is it mandatory to submit previous employment declaration while submitting Income tax declaration. Or we can just skip this. Since this is my 2 nd company not aware of this much. What happens at the end of financial year if we don't declare previous employment declaration. Seniors kindly help🙏

How much has stock options changed anyone’s life here? Just started at amazon and I received 1500 shares post split. But obviously the vesting schedule is so long over 4 years and morale certainly will be up and down. I feel I’d be crazy to walk away before then and miss out.

like

Can anyone tell me what is one of the most popular ways to make money through stocks and the housing bubble right now? Any popular stocks to buy or land?? I'm seeing an upcoming recession WELP

likefunny

Is $227/sq ft for a single-family house built in 2015 in McKinney reasonable enough (avg school rating is 8)?

likehelpful

What’s the best travel rewards card you have and why?

like

What's your opinion on restricted stock?

More Posts

Is it worth switching from EY GDS to hcl in just for months as there is no project and sitting on bench. EY GDS : CTC 23.5lac fixed HcL : CTC 28lac, yoe 9yrs Designation payments analyst. EY PwC pwc HCL Technologies

like
like

Anyone ever request a switch of ambassadors? Mine hasn’t replied to emails in almost a week, and since the merger she’s been proving pretty poor service, nothing more than I could do myself.

like

‘What do you mean I sit funny?’

Post Photo
likefunny

Google keyboard for iPhones is pretty cool, but mega annoying in the wrong hands.

like

Hi all, I have been in social services for about 2.5 years now. Initially as a Case Manager and now a Care Coordinator. I currently make $25/hour while living in San Diego, CA. Does this pay seem fair to where I live/the job description?

like

Anyone got a lasik surgery in the Atlanta metro area in the last few years? I am thinking of getting one and interested in knowing more about where to get it from, your experience and other feedback. Thank you.

like

Other than Airbnb, what is the best way to find month to month rental options?

like

I have an offer for $130k for a senior attorney position in a boutique L&E firm. Also have a recruiter who thinks she can get me into another for $150-170k. Both are more than I’ve ever made (Denver, 17 yrs of experience but completely different practice areas). Any tips for countering the $130k offer for more using the other potential offer while not risking a complete withdrawal of the current offer? I’ve never been in a position to bargain my starting salary so this is all very new to me.

like

Currently 16 weeks with an inconsistent bump. Sometimes is noticeable and other times it’s not, anyone experienced this? Currently it went back to almost non existent and am worried

For those who have started (or tried) their own consulting business— what’s the experience like? How’s revenue?

How much can I ask for with 4+ years experience at strong nyc agencies?

Which is better ?
Associate Consultant in Capgemini- 9.25 Lakhs CTC

Consultant in Deloitte India - 9.25 Lakhs CTC

YOE - 3.
Field - Corporate Law

like

Wife is 35 weeks pregnant and recently tested positive for Covid. Symptoms are mild to moderate. Doctor’s say no impact to baby if symptoms continue to remain under control. We are vaxed and boosted so not as worried about our recovery. More worried about the baby at this point. Anyone with similar experiences to share? TIA

like

Has anyone tested positive with COVID while pregnant? My spouse just tested positive and I’m staying someplace else to keep safe. But curious how worried I should be if I end up getting the virus?

like

Have you had thoughts of quitting the job during pregnancy? My tolerance of low efficiency and meaningless grind is getting so low that it’s a constant thought in my mind. Does this get better later in the pregnancy?

like

What will be the in hand salary for the following CTC breakup?

Post Photo

Is there anyone that works as a Mainframe Data Analyst at Bank of America ? I see an opening and would like to learn more about the day-to-day and projects. TYIA.

like

Any know the salary for a senior solution analyst at BCG in the Chicago area? Glassdoor doesn’t have that job title listed, surprisingly.

Additional Posts in The Real Estate Bowl

Recently closed on a purchase between a land owner group and a NY based builder for 500 lots of of Florida.

We have similar buyers lined and looking for land owners leads.

Any real estate agent/attorneys with leads for land owners and/or builders please feel free to DM.

like

Has anyone made a property purchase using sheriff sales? Can you shed any light on the process or share tips or resources?

like

Better mortgage vs. Rocket mortgage - anyone shopped with both and what swing your decision?

like

Anyone here used Mynd or Ziprent property (or similar )property management companies? What has your experience been like? Would you recommend?

like

NYC rental property owners: do you put high end appliances in your rentals to entice tenants? Especially in this kind of market?

like

Looking to buy a rental home in Durham,NC. Anyone here has any recommendations of what to lookout for specifically in this area ? This is my first rental property

like

Is it legal to collect the rent in a separate LLC even though rental property is not owned by the same LLC?

like

Can I negotiate for a longer pre-approval period? I live in a hot market so likely will take longer than 60-90 days to secure something. Or does the pre-approval auto extend without a bunch more paper work?

like

Thinking about purchasing a property in the Turks and Caicos Islands. Anyone done this? Looking to learn more about the pros/cons of international / Caribbean property ownership.

like

What rates are you finding from lenders? I got quoted 15 yr 2.62 with 0 points from chase. How to find best rates ?

like

Could anyone recommend some safe, affordable areas in Denver? Or a suburb around Denver?

I cant afford to live in NY anymore and need to move bc my landlord is selling the house.

I don't think I have enough time to buy a home. I have less than 2 months to move.

I think relocating is my best option and just renting something in Denver, CO or Tampa, Fla. I'm an early 30s f and would be living alone.

I would prefer a townhouse if possible, but it seems harder to find them so far.

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

Has anyone been told they need 25% down for a vacation home?

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

Any one knows what’s the easiest way to order a radon test for new construction?

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

How do I get rid of my old dryer?

like

First time homebuyer here. Any good 101 course which covers end to end of home buying. I know there are few government affiliates who offer in person courses but am looking for an online course.

Any potential flags/benefits for dual agency? My agent and the seller's agent work for the same company.

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal