All Forum Posts by: Karen O.

Investments and primary residences are not treated the same.

Several people have shared the rules regarding a primary residence for federal tax purposes.

If this was your home for 2 of the past 5 years, you are allowed $250k cap gain exemption as you are single.

Your income level is irrelevant.  But other factors may play if you rented out a portion of your house as a rental and took depreciation.

You need to consult with a qualified CPA to make sure it's all being treated properly.

On the positive side, with over 250k in taxable capital gains from the sale of a primary residence, you should be sure to stash some for the taxes that will be due.  And be sure to check with.a CPA early as you may need to make an estimated tax payment to the Fed or the state of CA.

No Home Depot? Okay.  

But how about Lowes.  And Lumber Lquidators.  They all sell a few brands that can be ordered if not in stock..

Well, that sucks.  Sorry for your losses.

Silver lining is you have your health, your rentals and flips and you start a wonderful new job on Aug 5th.

Best of luck.

"premature gobrokulation"? Good one.

It's interesting how some get bent when their tax benefits are being 'considered' for the chopping block. 

The US isn't free market capitalism if the Govt makes policies to decide who the winners and losers are.  It's one thing to encourage a certain behavior, but 100 years?  A 1031 tax benefit won't stop a real investor if that's what they want to do. 

TCJA made high tax states losers. Social Security tax cap benefits those who make over $137.7k.  There are more favorable tax rates on qualified dividends over money market interest.  Carried interest makes hedge fund managers' income more important than a teacher's or bus driver's.  These laws are skewed to benefit a few.  It's not really free market capitalism if the deck is stacked in your favor.

The 1031 is a 100 year benefit that has sheltered a lot of wealth.  The tax bill will come due eventually unless the properties pass to heirs in an estate valued at less than $11.58m.  Then there will be no tax paid. 

It's a question of will and when. I don't see it passing myself.  

A passive portfolio of 4-5 investments that combined generate 10-12% annually.

Shouldn't be a real breaker.  '07 is not that long ago.

As others have said, have it inspected as part of the due diligence.  Plus, in some places, you can't sell a house without an inspection in the recent past - ie less than 2 yrs or so.  Check your local rules.

As BP tends to be politically neutral, It's unfortunate that the response included the above quote which is untrue since TU closed in 2010, long before he ran for office.

The class action lawsuit was a consolidation of several complaints. It wasn't political by factors in the East since he wasn't a politician at the time. The $25M settlement years after the 'University' shut its doors also speaks volumes.

Indications are that the programs were a sham similar to some currently delivered by some gurus who convince people to go into debt for programs that don't deliver true learning or skills.

I don't watch either show, but wonder if @James Wise has attempted to reach out to Hassan Minhaj and set him straight?

A simultaneous posting perhaps?