All Forum Posts by: Yawiney Yawiney

Thank you @Karen O.  That was very informative.  I'm still hoping my receipts of years of fixes and upgrades that have gone into the property will help me.  I'm talking with my tax guy tomorrow and if he can't help me come up with something I will be contacting a CPA.

And what about receipts showing the 200-250 that's gone into the place since I've owned it?  I stand to make a gain of 575 (-250) = 325.  So,would the 575 put me in the highest bracket?  In that case I'm looking at having to pay 65k.

I am planning to buy in the next 2 years though so maybe I could put it off by  buying another primary at around the same value?

Does the spouse also need to have had the house as her primary residence for 2 of the past 5 years?  My girlfriend may qualify for that but it's close.  Kind of a weird way to propose, but she might go for it.   

From this site:

"How to Go Tax-Free on Capital Gains

There is in fact a way to get that coveted zero percent tax rate on long-term capital gains. “Harvesting” capital gains means selling an investment that you know will have a long-term capital gain in years when you will not be taxed on that gain. And that happens when it falls in a year where you are in the zero percent capital gains tax bracket.

This 0 percent tax rate on capital gains applies to married couples with taxable income as high as $78,750, and single filers with taxable income up to $39,375.

In normal years, your taxable income might be much higher than that figure—so the strategy wouldn’t apply. But there are some years when you’re in lower income tax situations. Sometimes you can even force this situation, such as after retirement when you can choose which accounts from which to make withdrawals each year. You might also find those tax-free opportunities if you find yourself temporarily unemployed, or if your income varies dramatically from year to year, as with sales commissions, for example."

I'm really hoping this is going to hold true no matter how much i make on the sale.  I'm single and the past 2 yrs have made under 30k/yr.

I thought if my income bracket was under 40k/yr there is 0 Capital gains even after 250k.  Now I'm really worried.. I was more wondering about the part over 500k.  

I'm about to make over 500k on the sale of my home.  It's been owner occupied for the past 2 years and my income in '18 and 19 has been very low.  Under 20k.

With that low income, can i still be charged capital gains?

I don't think it matters, but I am in California.

Thanks for an info on this.

The market here in the NorthBay is popping right now with people getting out of the city.  I just wonder if what I get for my place will have less buying power where I want to move by the time I find the right place due to the coming inflation from all the dough getting printed right now.

Anyone care to weigh in on this?

I know it's impossible to predict but some insights could be helpful

Thanks!

Besides the obvious savings on agent fees.

I'm in a hot market area in west sonoma county, ca and working to clear a tenant caused issue before I would go live on MLS.

I have taken over the property and am now living here.  

I thought to list by owner and screen buyers myself at this stage would be the best option.  

It may take until the weather turns (as does the buying season) until the issue is resolved and I would then have to wait until spring when numbers usually rise around here.  

I don't want to taint the property with the issue by listing on the MLS now because my plan B is to sell in the spring.

Is there a different forum here that would be more appropriate for my question above?

I would like to reach other home owners or people in the real estate industry who are familiar with or have experience with Unison.

Yes.  They get a percentage of your change in equity from the time you sign to the time you sell.  The percent is based on how much of your equity you pull out.  For me pulling out 35k will give them 20% of my change in equity.  If the market goes down when i sell, (unlikely), they would also share in the loss.