My daughter has started a blog. She e-mailed me from Australia about it. So I read her blog. I just love blogs. Blogs reduce the geographical distances between family and friends to nothing at all.
A decision has been made, or I slipped into it without notice. I have a house for sale in the town next door to my town. It was a rental, but it is too far away to keep a close eye on the tenant. The last tenant stiffed me for rent , cleaning and utilities, so I took them to court. Good record keeping assured that I would win. I won and collected. However, even when I win, I lose, because going to court is stressful. It ages me and makes me unhappy that I have to go through with this process or let someone walk all over me. I don't like either alternative. So, after 10 years of dealing with tenants and pouring money into this house, which I dearly love, the decision is made to sell it.
A sign by the side of the road is all I've done to advertise this house. Since it is next to an exclusive country club / golf course, I've had many an interested person look at it. Some would have loved to purchase the house, but they neglected to save money for a down payment. They did not qualify for a mortgage.
There is no hurry to sell this house. I don't have to move because of a job transfer. I don't need the money to pay for emergency medical bills. I know this house will sell when the right person comes along, because it is a quaint restoration in the Arts and Crafts style.
Since this isn't my main address, I will have to pay the government a hefty capital gains tax when the house sells. Unless.....I make it my main residence.
So, I am moving into this lovely restored old home while selling it. To be completely exempt from capital gains, I need to live in it for 2 years. The government allows me to pro-rate my profit. If I live there for 6 months, I save 25% of the tax.
So, even as it takes a lot of planning and work, I am moving for the short term. When the house is sold, I plan to move back to my other house on Melba Street.
A decision has been made, or I slipped into it without notice. I have a house for sale in the town next door to my town. It was a rental, but it is too far away to keep a close eye on the tenant. The last tenant stiffed me for rent , cleaning and utilities, so I took them to court. Good record keeping assured that I would win. I won and collected. However, even when I win, I lose, because going to court is stressful. It ages me and makes me unhappy that I have to go through with this process or let someone walk all over me. I don't like either alternative. So, after 10 years of dealing with tenants and pouring money into this house, which I dearly love, the decision is made to sell it.
A sign by the side of the road is all I've done to advertise this house. Since it is next to an exclusive country club / golf course, I've had many an interested person look at it. Some would have loved to purchase the house, but they neglected to save money for a down payment. They did not qualify for a mortgage.
There is no hurry to sell this house. I don't have to move because of a job transfer. I don't need the money to pay for emergency medical bills. I know this house will sell when the right person comes along, because it is a quaint restoration in the Arts and Crafts style.
Since this isn't my main address, I will have to pay the government a hefty capital gains tax when the house sells. Unless.....I make it my main residence.
So, I am moving into this lovely restored old home while selling it. To be completely exempt from capital gains, I need to live in it for 2 years. The government allows me to pro-rate my profit. If I live there for 6 months, I save 25% of the tax.
So, even as it takes a lot of planning and work, I am moving for the short term. When the house is sold, I plan to move back to my other house on Melba Street.
posted by gardenbug at Friday, September 23, 2005
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