MG, Re: Home is Where the Heart Is
Steve, Dude, I see no reason not to get out of dodge if that is what you desire. It should not be a tax issue. Your cost basis, noted on the tax return, was stepped up to the current fair market value. considering the selling costs, including the improvements such as the rain forest, there probably is little gain.
Even if there is a realized gain, there is a $500,000 exclusion for the sale of the residence. If you do not own and reside in the property for two years, the exclusion amount is prorated by the 24 months for a sale due to a job relocation, etc.
Steve, make sure you keep an itemized list of all the "stuff" given to charity and get a receipt. It can be worth a tax deduction of thousands of dollars!
Re: Things go better with Coke. The amazing thing is that the recall was reported last weekend and the stock was actually up on Monday. You know it is going to have a impact on the earnings. I just hope they push it back up to $70 before the earnings.
I had a client that said that there are two types of homes in Florida: those with termites and those that will see them later. Ban-A-Bug is a routine expenditure for us to try and keep all of God's creatures out of the house.
Enjoy,
Berney |
