- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Sold My House for a Nice profit
Posted on 1/30/19 at 11:07 am
Posted on 1/30/19 at 11:07 am
Looking to save and invest my proceeds, Any advice , profit north of $50k
4
Posted on 1/30/19 at 11:10 am to Hulk Hogan
Put into the new house?
Posted on 1/30/19 at 11:43 am to Hulk Hogan
i'd check into tax ramifications. i thought you'd be taxed if not rolled into new house within a period of time, but i'm not accountant
Posted on 1/30/19 at 11:57 am to lsujro
quote:
i thought
quote:
i'm not accountant
Posted on 1/30/19 at 1:32 pm to southernelite
quote:
southernelite
helpful response dick.
whether taxable or not depends on how long you lived there per a quick google. like i said, check in to tax ramifications op.
Posted on 1/30/19 at 1:36 pm to lsujro
quote:
whether taxable or not depends on how long you lived there per a quick google
It actually has more to do with how much you make on it and if it's your primary home or not.
Posted on 1/30/19 at 1:42 pm to lsujro
quote:
d check into tax ramifications. i thought you'd be taxed if not rolled into new house within a period of time, but i'm not accountant
Nope.
If it's your primary home and you've lived there at least 2 of the previous t5 years, and your profit is $250,000 or less ($500,000 for married filing jointly), then the profit is tax free. Note, not vacation home or second home.
Dunno why people feel compelled to reply to things about which they're uncertain. Google is yo friend.
Posted on 1/30/19 at 2:16 pm to lsujro
You are the dick rambling about shite you don't know about.
Posted on 1/30/19 at 2:56 pm to hungryone
There is also a pro rata rule if you sell before two years in case anyone cares.
Source: I had to cite it during an IRS dispute on my home sale. I won.
Source: I had to cite it during an IRS dispute on my home sale. I won.
Posted on 1/30/19 at 3:06 pm to hungryone
It’s was my primary residence, I purchased the house in December 2011, I am getting married and living with my fiancé in her house. So I don’t plan on purchasing another house
Posted on 1/30/19 at 3:09 pm to Hulk Hogan
So your profits are tax free. Invest as you choose.
Posted on 1/30/19 at 3:15 pm to Hulk Hogan
InB4 Hookers and Blow. Can't believe it made it this far even on the Money board for that comment.
I'd start out maxing your Roth for 2018 and 2019, that's $11,000. Then go from there.
I'd start out maxing your Roth for 2018 and 2019, that's $11,000. Then go from there.
Posted on 1/30/19 at 4:17 pm to tigeralum06
quote:
You are the dick rambling about shite you don't know about.
nobody had responded, so i told the guy to consider the potential tax consequences. not sure how that makes me a dick, dick. as the thread hashed out, there are some particularities to keeping the gain tax free.
This post was edited on 1/30/19 at 4:18 pm
Posted on 1/30/19 at 4:55 pm to hungryone
not if its a double. if its a double, the profits on the side he lived in is tax free. Taxes are owed on the profits from the rental portion.
Posted on 1/30/19 at 5:37 pm to tigeralum06
quote:
You are the dick rambling about shite you don't know about.
Welcome to 2019 everyone.
Posted on 1/30/19 at 8:57 pm to Hulk Hogan
I would dump it in a Vanguard mutual fund. I have mine in VUIAX, but I think that is a 100k min. You can browse their offerings.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News