Tell me what to do

[DataAgent]

Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.

Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.

It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.

Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.

Good luck.

[Veritas]

Get a decent security deposit and video tape the condition of the house especially the floors prior to renting.

[Veritas]

Get a decent security deposit and video tape the condition of the house especially the floors prior to renting.

[Veritas]

Get a decent security deposit and video tape the condition of the house especially the floors prior to renting.

[Veritas]

Get a decent security deposit and video tape the condition of the house especially the floors prior to renting.

[Veritas]

Get a decent security deposit and video tape the condition of the house especially the floors prior to renting.

[Coronita]

[quote=sc_alum]Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime. [/quote]

You asked the company to comp you for the difference?

[Coronita]

[quote=sc_alum]Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime. [/quote]

You asked the company to comp you for the difference?

[Coronita]

[quote=sc_alum]Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime. [/quote]

You asked the company to comp you for the difference?

[Coronita]

[quote=sc_alum]Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime. [/quote]

You asked the company to comp you for the difference?

[Coronita]

[quote=sc_alum]Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime. [/quote]

You asked the company to comp you for the difference?

[paramount]

I am in a similiar situation: I bought my current home 6 years ago for 270k. I put about 25k down, have a 5% fixed 30 year loan, my PITI is just over 1500.

Now the problem: I estimate the value of my house at about 170k, not including selling costs. The neighborhood in those 6 years has become about 50% rentals and in general decline IMO.

Like TG, I made mistakes in the past with Real Estate (selling properties that I should have held) – now I don’t have a pot to piss in or a window to throw it out of.

I am not a Happy Camper at all.

[paramount]

I am in a similiar situation: I bought my current home 6 years ago for 270k. I put about 25k down, have a 5% fixed 30 year loan, my PITI is just over 1500.

Now the problem: I estimate the value of my house at about 170k, not including selling costs. The neighborhood in those 6 years has become about 50% rentals and in general decline IMO.

Like TG, I made mistakes in the past with Real Estate (selling properties that I should have held) – now I don’t have a pot to piss in or a window to throw it out of.

I am not a Happy Camper at all.

[paramount]

I am in a similiar situation: I bought my current home 6 years ago for 270k. I put about 25k down, have a 5% fixed 30 year loan, my PITI is just over 1500.

Now the problem: I estimate the value of my house at about 170k, not including selling costs. The neighborhood in those 6 years has become about 50% rentals and in general decline IMO.

Like TG, I made mistakes in the past with Real Estate (selling properties that I should have held) – now I don’t have a pot to piss in or a window to throw it out of.

I am not a Happy Camper at all.

[paramount]

I am in a similiar situation: I bought my current home 6 years ago for 270k. I put about 25k down, have a 5% fixed 30 year loan, my PITI is just over 1500.

Now the problem: I estimate the value of my house at about 170k, not including selling costs. The neighborhood in those 6 years has become about 50% rentals and in general decline IMO.

Like TG, I made mistakes in the past with Real Estate (selling properties that I should have held) – now I don’t have a pot to piss in or a window to throw it out of.

I am not a Happy Camper at all.

[Author]

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