All Forum Posts by: John Harrington

It is an apartment, the ex wife has lived there, and it has noy been rented.

I'm being told now that my half of the final sales price will be "withheld" at 5% which takes my earning from $8-9k to a little over $2k, frustrating.  Which I was going to use to reinvest into a property here closer to home.  

So, since my ex-wife is exempt from the capital gains tax since it was her primary residence, does that include my earnings too or no? 

So if I am understanding this correctly I will either get some if not all of it back when I file my 2018 taxes correct?

My Ex-Wife and I are finally selling our apartment which we bought when I was stationed in Hawaii.  She has been living in that apartment for over 8 years now, but since then I have moved back home to MD.  I have recently been told that because I am an out of state seller we will be hit with a 5% of the sales total HARPTA tax (which isn't actually a tax but a law).  

I had thought since she had lived there over 2 years of the past 5 years we would not be hit with the Capital Gains tax. 

I'm having her talk to a CPA/Tax professional in Hawaii Monday to see what our options are.

Thanks ahead for any insight.  

The apartment I've had in HI is set to close next week and since I live out of state I am getting hit with HARPTA, does anyone have any experience with this? 

My ex-wife (who I split the apartment finances with)  still lives in HI and actually has been living in that apartment for at least 2 of the last 5 years.  

 Mililani 

Waikalani Dr.

The HOA and Maintenance fees each month put me in the negative cash flow each month. But we should be closed on it by May 1st.

I am trying to gather as much information as I can through podcast, reading articles and just listening to people who've been renting for a while.  On May 1 I'll be closing on apartment in Hawaii I bought while I was in the army, I should be walking away with about $9000, then I have some more cash on the side that I've saved for this to put as an additional down payment/help with clean up before renting.  
My goal in starting passive income is to supplement my wife's income x2 so she can stop working and then I'll continue to work so we can continue to build.  
Any suggestions or comments will be appreciated:

Who was the 1st person that yall talked to before starting to build your rock star team; real estate agent, property manager, personal finance adviser or someone else?