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Message
Just sold our house
Posted on 3/2/15 at 8:17 pm
Posted on 3/2/15 at 8:17 pm
Just accepted an offer on our house yesterday. They just started clearing the lot on the house we are building so it will be about 4-6 months before completion. Yay 4 months at the in laws.
Anyway, are there any tax situations or anything I need to be aware of with the profit from selling our home?
Anyway, are there any tax situations or anything I need to be aware of with the profit from selling our home?
5
Posted on 3/2/15 at 8:50 pm to BoogaBear
Posted on 3/2/15 at 9:11 pm to BoogaBear
quote:
just accepted an offer
Does not equal:
quote:
sold
Alllllllll kinds of shite can happen. I didn't breathe a sigh of relief until the buyers' pens lifted off of the paper.
But good luck at the inlaws!
Posted on 3/2/15 at 9:32 pm to lnomm34
Why not feel out the realtor for the buyer's willingness to give you some extra time to wait on the home construction? Either way it's gonna take at a minimum of three weeks or so to get a clear to close and I would still be estimating conservatively at one month.
If they're using Rural Developmentit will take 60 days more than likely.
If they're using Rural Developmentit will take 60 days more than likely.
Posted on 3/2/15 at 9:50 pm to GFunk
Part of the contract is that they have to close in March. They need a place to live which I'm fine with. Buyer is fha and we are fha on the home we are selling. If it's not before April 1 they have to let us stay until the end of April. I'm not paying a house payment for April for someone else to live here.
My agent worked all that out and the selling agent works for the same office. Hopefully it goes smoothly.
My agent worked all that out and the selling agent works for the same office. Hopefully it goes smoothly.
Posted on 3/2/15 at 10:10 pm to BACONisMEATcandy
If you made a PROFIT of over 500k you owe taxes. So it would actually be awesome if you do 
Posted on 3/2/15 at 10:11 pm to BoogaBear
quote:
I'm not paying a house payment for April for someone else to live here.
The months interest is pro-rated.
Posted on 3/2/15 at 10:20 pm to Golfer
quote:
The months interest is pro-rated.
Not on FHA payoffs.
Eta. It used to not be pro-rated, but now I'm reading this just changed effective January 21, 2015
This post was edited on 3/2/15 at 10:34 pm
Posted on 3/2/15 at 10:51 pm to MikeBRLA
Yep, you're right and now I'm a little pissed...I sold my house which I had an FHA Payoff on Jan 19th. Looked at the payoff amount for the loan including what I owed for January and it passed the eyeball test as close enough to my back of the envelop calculations on what I'd get at closing.
Oh well, water under bridge now. I've fricked up this process so much that I'm just trying not to realize how much money I left on the table.
Oh well, water under bridge now. I've fricked up this process so much that I'm just trying not to realize how much money I left on the table.
This post was edited on 3/2/15 at 10:54 pm
Posted on 3/2/15 at 11:00 pm to BoogaBear
If you had home over two tears, no capital gains
Posted on 3/2/15 at 11:12 pm to Golfer
Yeah. I learned about FHA payoffs the hard way about 5 years ago.
Posted on 3/2/15 at 11:19 pm to MikeBRLA
My tally on "wasted" money on the sale of my old house and purchase of new:
- Used an agent to sell house that had 4 showings and 2 offers in 3 days. None from my agent but from others monitoring MLS. Should have just listed flat fee on MLS and paid buyer's agent at 3%.
- Accepted first offer that ended up not being as strong as the backup offer.
- Kept my agent on FSBO purchase of my new home. They paid her 2% and ended up not being flexible on some extras.
And now the FHA payoff...just numb now. Reality is I'm too nice in these situations and my agent was my buyers agent on the original house and worked her arse off for a minimal commission then so I guess I'm just paying her back for that. And I got $8,000 in the first-time homebuyer credit from the original purchase so I guess it wasn't ever really "my money".
- Used an agent to sell house that had 4 showings and 2 offers in 3 days. None from my agent but from others monitoring MLS. Should have just listed flat fee on MLS and paid buyer's agent at 3%.
- Accepted first offer that ended up not being as strong as the backup offer.
- Kept my agent on FSBO purchase of my new home. They paid her 2% and ended up not being flexible on some extras.
And now the FHA payoff...just numb now. Reality is I'm too nice in these situations and my agent was my buyers agent on the original house and worked her arse off for a minimal commission then so I guess I'm just paying her back for that. And I got $8,000 in the first-time homebuyer credit from the original purchase so I guess it wasn't ever really "my money".
This post was edited on 3/2/15 at 11:23 pm
Posted on 3/3/15 at 6:50 am to BoogaBear
quote:
Anyway, are there any tax situations or anything I need to be aware of with the profit from selling our home?
If you lived in it longer than two years or it was an inheritance, you won't owe any cap gain taxes... However, I believe there is something tied to the healthcare law that taxes the sale of a home, no matter what the circumstances
Posted on 3/3/15 at 10:29 am to BoogaBear
quote:
so it will be about 4-6 months before completion. Yay 4 months at the in laws.
I would prepare more for the 6 month stay. Seems like everyone I know that has built has had multiple delays along the way. I hope it happens in 4 though. Congrats
Posted on 3/3/15 at 1:43 pm to Lsut81
quote:
However, I believe there is something tied to the healthcare law that taxes the sale of a home, no matter what the circumstances
Quit believing everything you read in a chain e-mail.
If you have a taxable gain on a principal residence AND you are subject to the net investment income tax, that taxable house gain is subject to net investment income tax.
Very, very, very few people have a taxable gain on a principal residence. If you hold it at least two years and did not take any depreciation deductions (for a portion that was rental or for office in home, for example), then if you are single, 250K of gain is tax free and if you are married joint, 500K of gain is tax free.
Posted on 3/3/15 at 3:03 pm to LSUFanHouston
quote:Yep. Dont know many people selling their house at a 500k gain
Quit believing everything you read in a chain e-mail.
If you have a taxable gain on a principal residence AND you are subject to the net investment income tax, that taxable house gain is subject to net investment income tax.
Very, very, very few people have a taxable gain on a principal residence. If you hold it at least two years and did not take any depreciation deductions (for a portion that was rental or for office in home, for example), then if you are single, 250K of gain is tax free and if you are married joint, 500K of gain is tax free
Posted on 3/3/15 at 3:04 pm to lsupride87
quote:
Yep. Dont know many people selling their house at a 500k gain
Not unless they found gold bricks in the basement that they are selling with the house
Posted on 3/3/15 at 9:47 pm to GenesChin
OP - don't look back. we are all envious. You have sold your house (fingers crossed) in a minimum amount of time; and have a shiny new house going up (fingers crossed). Plus you have new knowledge to pass down.
While at the in-laws (be a hero and pay their light, gas & water bills), be sure to take a 3 day weekend vacation every 3 weeks to retain sanity).
Congrats !!
While at the in-laws (be a hero and pay their light, gas & water bills), be sure to take a 3 day weekend vacation every 3 weeks to retain sanity).
Congrats !!
Posted on 3/4/15 at 5:31 am to LSUFanHouston
quote:
Quit believing everything you read in a chain e-mail.
Yeah, because thats where I got it from
This post was edited on 3/4/15 at 5:32 am
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