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August 8, 2008 at 5:13 PM in reply to: rumor about capital gain exclusion for primary residence #255070August 8, 2008 at 5:13 PM in reply to: rumor about capital gain exclusion for primary residence #255121
(former)FormerSanDiegan
ParticipantIt applies to houses purchased after the end of this year:
Actually it applies to SALES after the end of this year. It applies to ALL homes, even those bought before 2009. However the clock for counting the number of days of non-qualified use starts Jan 1, 2009.
The taxable gain is Dnon/Dtot
where Dnon is the number of days of non-qualified use after Jan 1, 2009. Dtot is the total number of days used (assuming you lived in it as a primary residence in 2 out of 5 years).Details outlined here under item #3.
http://tinyurl.com/58q586I am sure people will be confused by this for the next several years. I bet that they eventually just “simplify” it in a way that results in higher taxes.
ParticipantDrunkle. I guess that means about half of the renters in the United States are “f*&%ing idiots”.
According to the Census bureau, 49.8% of renter households (across the US) pay more than 30% of income in rent.
In San Diego county it is 55.6% of households paying more than 30% of income towards rent.
I guess we have a 10% higher density of f*&%ing idiots” in SD county when compared to the rest of the country.
ParticipantDrunkle. I guess that means about half of the renters in the United States are “f*&%ing idiots”.
According to the Census bureau, 49.8% of renter households (across the US) pay more than 30% of income in rent.
In San Diego county it is 55.6% of households paying more than 30% of income towards rent.
I guess we have a 10% higher density of f*&%ing idiots” in SD county when compared to the rest of the country.
ParticipantDrunkle. I guess that means about half of the renters in the United States are “f*&%ing idiots”.
According to the Census bureau, 49.8% of renter households (across the US) pay more than 30% of income in rent.
In San Diego county it is 55.6% of households paying more than 30% of income towards rent.
I guess we have a 10% higher density of f*&%ing idiots” in SD county when compared to the rest of the country.
ParticipantDrunkle. I guess that means about half of the renters in the United States are “f*&%ing idiots”.
According to the Census bureau, 49.8% of renter households (across the US) pay more than 30% of income in rent.
In San Diego county it is 55.6% of households paying more than 30% of income towards rent.
I guess we have a 10% higher density of f*&%ing idiots” in SD county when compared to the rest of the country.
ParticipantDrunkle. I guess that means about half of the renters in the United States are “f*&%ing idiots”.
According to the Census bureau, 49.8% of renter households (across the US) pay more than 30% of income in rent.
In San Diego county it is 55.6% of households paying more than 30% of income towards rent.
I guess we have a 10% higher density of f*&%ing idiots” in SD county when compared to the rest of the country.
ParticipantRents are in their own bubble right now, IMO. Too many LLs asking $2K+/mo rent for really basic housing in average neighborhoods.
Bubble ? in rents ? Didn’t we cover this already ?
2K per month is 24K per year.
Median Household income (as of 2006 per SANDAG) was : 65KThat’s 37% of median household income for an average house using 2006 income numbers and your assessment of average. That’s a bit high, but the rent was for an “average” house (not including
apartments) and income numbers are from all households including apartment and condo dwellers.If you look at median rent versus median income it’s even lower. Median rent is about 30% of median household income. That’s not that out of line with traditional guidelines of 1/3 of your income to housing.
ParticipantRents are in their own bubble right now, IMO. Too many LLs asking $2K+/mo rent for really basic housing in average neighborhoods.
Bubble ? in rents ? Didn’t we cover this already ?
2K per month is 24K per year.
Median Household income (as of 2006 per SANDAG) was : 65KThat’s 37% of median household income for an average house using 2006 income numbers and your assessment of average. That’s a bit high, but the rent was for an “average” house (not including
apartments) and income numbers are from all households including apartment and condo dwellers.If you look at median rent versus median income it’s even lower. Median rent is about 30% of median household income. That’s not that out of line with traditional guidelines of 1/3 of your income to housing.
ParticipantRents are in their own bubble right now, IMO. Too many LLs asking $2K+/mo rent for really basic housing in average neighborhoods.
Bubble ? in rents ? Didn’t we cover this already ?
2K per month is 24K per year.
Median Household income (as of 2006 per SANDAG) was : 65KThat’s 37% of median household income for an average house using 2006 income numbers and your assessment of average. That’s a bit high, but the rent was for an “average” house (not including
apartments) and income numbers are from all households including apartment and condo dwellers.If you look at median rent versus median income it’s even lower. Median rent is about 30% of median household income. That’s not that out of line with traditional guidelines of 1/3 of your income to housing.
ParticipantRents are in their own bubble right now, IMO. Too many LLs asking $2K+/mo rent for really basic housing in average neighborhoods.
Bubble ? in rents ? Didn’t we cover this already ?
2K per month is 24K per year.
Median Household income (as of 2006 per SANDAG) was : 65KThat’s 37% of median household income for an average house using 2006 income numbers and your assessment of average. That’s a bit high, but the rent was for an “average” house (not including
apartments) and income numbers are from all households including apartment and condo dwellers.If you look at median rent versus median income it’s even lower. Median rent is about 30% of median household income. That’s not that out of line with traditional guidelines of 1/3 of your income to housing.
ParticipantRents are in their own bubble right now, IMO. Too many LLs asking $2K+/mo rent for really basic housing in average neighborhoods.
Bubble ? in rents ? Didn’t we cover this already ?
2K per month is 24K per year.
Median Household income (as of 2006 per SANDAG) was : 65KThat’s 37% of median household income for an average house using 2006 income numbers and your assessment of average. That’s a bit high, but the rent was for an “average” house (not including
apartments) and income numbers are from all households including apartment and condo dwellers.If you look at median rent versus median income it’s even lower. Median rent is about 30% of median household income. That’s not that out of line with traditional guidelines of 1/3 of your income to housing.
ParticipantThe down payment is typically (always ?) paid at/near the close of escrow anyway. Offering a large down payment at the end of escrow is essentially the same as offering a large down payment.
The deposit check is used as a sign of good faith. The larger it is the more the buyer puts at stake. There is always a risk that the buyer loses some of the deposit if they back out without cause (e.g. one of their contingencies).
The amount of deposit should depend on two things:
1. How much competition for the property
2. How much do you want to signal that you will follow through with the purchase. (strong buyer)ParticipantThe down payment is typically (always ?) paid at/near the close of escrow anyway. Offering a large down payment at the end of escrow is essentially the same as offering a large down payment.
The deposit check is used as a sign of good faith. The larger it is the more the buyer puts at stake. There is always a risk that the buyer loses some of the deposit if they back out without cause (e.g. one of their contingencies).
The amount of deposit should depend on two things:
1. How much competition for the property
2. How much do you want to signal that you will follow through with the purchase. (strong buyer)ParticipantThe down payment is typically (always ?) paid at/near the close of escrow anyway. Offering a large down payment at the end of escrow is essentially the same as offering a large down payment.
The deposit check is used as a sign of good faith. The larger it is the more the buyer puts at stake. There is always a risk that the buyer loses some of the deposit if they back out without cause (e.g. one of their contingencies).
The amount of deposit should depend on two things:
1. How much competition for the property
2. How much do you want to signal that you will follow through with the purchase. (strong buyer) -
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