All Forum Posts by: Brian Mitchell
Brian Mitchell has started 1 posts and replied 6 times.
Post: Diary of a $3,900 house ... wait, what? $3,900, yes that's right!
- Saginaw, MI
- Posts 6
- Votes 0
Can I ask what was the cost of labor for the roof?
Thanks.
Oh, and nice job!
Post: bought house to use as personal residence but now will sell it
- Saginaw, MI
- Posts 6
- Votes 0
That's what I thought, Wayne. Thanks for chiming in. I think maybe Mark just didn't read my original post correctly or I wasn't real clear in what I was asking.
Post: bought house to use as personal residence but now will sell it
- Saginaw, MI
- Posts 6
- Votes 0
Thank you for the response, Mark.
To qualify for the capital gains exclusion doesn't the property actually have to be my primary residence?
Post: bought house to use as personal residence but now will sell it
- Saginaw, MI
- Posts 6
- Votes 0
Thank you very much for the reply, Brandon.
So if I could prove it was not my intent to flip, any gains would be treated as long-term capital gains. Is that correct? And not subject to SE taxes? On what tax forms does all this get reported?
Since I thought I was going to be moving to this new area I did get a new doctor (local to the area) whom I have seen a number of times. I think that would go a long way in showing my intent was to move there. Though I have no idea what the IRS wants in that regard.
Truly appreciate your reply - thank you!
Post: bought house to use as personal residence but now will sell it
- Saginaw, MI
- Posts 6
- Votes 0
Hello everybody,
I bought a house "up north" at a tax sale at the end of 2013. Original intent was to fix it up and move/live there. The house needed work but I didn't do to much to it in 2014 but this year I am getting everything done and should have it all rehabbed. I have also decided not to move there but to sell it ...probably next year. It has been vacate all this time. So I guess it basically is turning into a flip. Rather long-term but....
I have no idea how taxes work in this situation. Can I write off my rehab costs this year? Mileage? Can I depreciate the house on my taxes this year? Do all my costs get added together and this is my cost basis? And if sold next year do I subtract my cost basis from net proceeds and this is what I am taxed at? Would this be long-term capital gains or ??? Are there any ways to minimize the taxes I will owe?
A lot of questions, I know. Maybe I need a good book on the subject. Any suggestions?
I truly appreciate any help.
Post: What happened to Carlton Sheets?
- Saginaw, MI
- Posts 6
- Votes 0
Originally posted by @Joe Cummings:
Originally posted by @Don Konipol:
Armando Montelongo was a speaker at a real estate investment club meeting I attended a couple years back. He said he went broke, went into a depression for 6 months, and now how found inspiration and desire to help others succeed. This must be the only business where people will pay big bucks to learn the secrets of success from a total failure.
ALL real estate guru stuff is an outgrowth, twist, or extension (often fantasy) of Bill Nickerson's "How I turned $5000 into a Million Investing in Real Estate in my Spare Time". Save yourself money, time and aggravation, study the book and apply it's principles. It's as valid today as it was in 1959 when it was first published.
$40,570.27 In today's money.
Seriously, how many people in the guru's target market have 40k in cash laying around? I think Bill Nickerson was writing for a different demographic.
Just for the record: The original Nickerson book was titled, "How I turned $1000 into a Million in Real Estate - in my Spare Time".