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(former)FormerSanDiegan
ParticipantRight now, late Spring 2011 could be among the best times to buy (in many parts of San Diego) considering the combination of price, interest rates, and rental trends for something to hold long-term. The potential downside risk is conderably less than any other time in the past 15 years, in my opinion.
Participant[quote=pri_dk][quote=carlsbadworker]But obviously, you guys are too obsessed with your anger for the FED to notice that. I think FED is the only rational central bank at the moment to keep its focus on fighting the deflation.[/quote]
Of course we are all angry with the FED. They’ve been destroying the US economy since 1913![/quote]
Since 1913. Really ?
In 1900 the US economy was about 16% of world GDP.
Currently the US economy is about 22% of world GDP [1].I wish they could destroy more things as effectively.
[1]
http://visualizingeconomics.com/2008/01/20/share-of-world-gdp/Participant[quote=pri_dk][quote=carlsbadworker]But obviously, you guys are too obsessed with your anger for the FED to notice that. I think FED is the only rational central bank at the moment to keep its focus on fighting the deflation.[/quote]
Of course we are all angry with the FED. They’ve been destroying the US economy since 1913![/quote]
Since 1913. Really ?
In 1900 the US economy was about 16% of world GDP.
Currently the US economy is about 22% of world GDP [1].I wish they could destroy more things as effectively.
[1]
http://visualizingeconomics.com/2008/01/20/share-of-world-gdp/Participant[quote=pri_dk][quote=carlsbadworker]But obviously, you guys are too obsessed with your anger for the FED to notice that. I think FED is the only rational central bank at the moment to keep its focus on fighting the deflation.[/quote]
Of course we are all angry with the FED. They’ve been destroying the US economy since 1913![/quote]
Since 1913. Really ?
In 1900 the US economy was about 16% of world GDP.
Currently the US economy is about 22% of world GDP [1].I wish they could destroy more things as effectively.
[1]
http://visualizingeconomics.com/2008/01/20/share-of-world-gdp/Participant[quote=pri_dk][quote=carlsbadworker]But obviously, you guys are too obsessed with your anger for the FED to notice that. I think FED is the only rational central bank at the moment to keep its focus on fighting the deflation.[/quote]
Of course we are all angry with the FED. They’ve been destroying the US economy since 1913![/quote]
Since 1913. Really ?
In 1900 the US economy was about 16% of world GDP.
Currently the US economy is about 22% of world GDP [1].I wish they could destroy more things as effectively.
[1]
http://visualizingeconomics.com/2008/01/20/share-of-world-gdp/Participant[quote=pri_dk][quote=carlsbadworker]But obviously, you guys are too obsessed with your anger for the FED to notice that. I think FED is the only rational central bank at the moment to keep its focus on fighting the deflation.[/quote]
Of course we are all angry with the FED. They’ve been destroying the US economy since 1913![/quote]
Since 1913. Really ?
In 1900 the US economy was about 16% of world GDP.
Currently the US economy is about 22% of world GDP [1].I wish they could destroy more things as effectively.
[1]
http://visualizingeconomics.com/2008/01/20/share-of-world-gdp/ParticipantUR is correct, the laws did change. A portion of your gain will be tax-free, but a prorated portion will be taxable, depending on the period used as a rental.
The portion of the profit that’s subject to tax is based on the ratio of the time after 31 December 2008 when the house was a second home or a rental unit, to the total time you owned it.
Also, it may have to be your primary residence when you sell it (e.g. you move back in).
Take UR’s recommendation. Consult a tax advisor, but don;t take their word for it. Research it yourself also. But there’s lots of stale info on the web that does not account for recent tax law changes. Confirm any advice with IRS publications.
ParticipantUR is correct, the laws did change. A portion of your gain will be tax-free, but a prorated portion will be taxable, depending on the period used as a rental.
The portion of the profit that’s subject to tax is based on the ratio of the time after 31 December 2008 when the house was a second home or a rental unit, to the total time you owned it.
Also, it may have to be your primary residence when you sell it (e.g. you move back in).
Take UR’s recommendation. Consult a tax advisor, but don;t take their word for it. Research it yourself also. But there’s lots of stale info on the web that does not account for recent tax law changes. Confirm any advice with IRS publications.
ParticipantUR is correct, the laws did change. A portion of your gain will be tax-free, but a prorated portion will be taxable, depending on the period used as a rental.
The portion of the profit that’s subject to tax is based on the ratio of the time after 31 December 2008 when the house was a second home or a rental unit, to the total time you owned it.
Also, it may have to be your primary residence when you sell it (e.g. you move back in).
Take UR’s recommendation. Consult a tax advisor, but don;t take their word for it. Research it yourself also. But there’s lots of stale info on the web that does not account for recent tax law changes. Confirm any advice with IRS publications.
ParticipantUR is correct, the laws did change. A portion of your gain will be tax-free, but a prorated portion will be taxable, depending on the period used as a rental.
The portion of the profit that’s subject to tax is based on the ratio of the time after 31 December 2008 when the house was a second home or a rental unit, to the total time you owned it.
Also, it may have to be your primary residence when you sell it (e.g. you move back in).
Take UR’s recommendation. Consult a tax advisor, but don;t take their word for it. Research it yourself also. But there’s lots of stale info on the web that does not account for recent tax law changes. Confirm any advice with IRS publications.
ParticipantUR is correct, the laws did change. A portion of your gain will be tax-free, but a prorated portion will be taxable, depending on the period used as a rental.
The portion of the profit that’s subject to tax is based on the ratio of the time after 31 December 2008 when the house was a second home or a rental unit, to the total time you owned it.
Also, it may have to be your primary residence when you sell it (e.g. you move back in).
Take UR’s recommendation. Consult a tax advisor, but don;t take their word for it. Research it yourself also. But there’s lots of stale info on the web that does not account for recent tax law changes. Confirm any advice with IRS publications.
ParticipantIt depends.
How much would you realize from the sale ?
How much would be taxable if you weren’t eligible for some tax-free gain ? (you need to know your adjusted cost basis)
How much (approximately) is the property worth and how much rent do you charge ?
What would be your plans for the proceeds ?
ParticipantIt depends.
How much would you realize from the sale ?
How much would be taxable if you weren’t eligible for some tax-free gain ? (you need to know your adjusted cost basis)
How much (approximately) is the property worth and how much rent do you charge ?
What would be your plans for the proceeds ?
ParticipantIt depends.
How much would you realize from the sale ?
How much would be taxable if you weren’t eligible for some tax-free gain ? (you need to know your adjusted cost basis)
How much (approximately) is the property worth and how much rent do you charge ?
What would be your plans for the proceeds ?
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