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seattle-relo
ParticipantWhat if it is your primary residence. Say you bought it in 2006 for 650K and owe 620K, market value is now 600 and you didn’t refinace. Would that be a loss? (I don’t believe you get credit for a loss)
ParticipantWhat if it is your primary residence. Say you bought it in 2006 for 650K and owe 620K, market value is now 600 and you didn’t refinace. Would that be a loss? (I don’t believe you get credit for a loss)
ParticipantWhat if it is your primary residence. Say you bought it in 2006 for 650K and owe 620K, market value is now 600 and you didn’t refinace. Would that be a loss? (I don’t believe you get credit for a loss)
Participantsorry, I meant to put that in a new topic…sometimes I forget how to do that. oops
Participantsorry, I meant to put that in a new topic…sometimes I forget how to do that. oops
Participantsorry, I meant to put that in a new topic…sometimes I forget how to do that. oops
Participantsorry, I meant to put that in a new topic…sometimes I forget how to do that. oops
ParticipantCapital Gains Tax for people going through foreclosure.
Some of you might remember that I am working with a couple tht is going through foreclosure. One issue that people haven’t talked about is not debt forgiveness, but capital gains tax. Does anyone have info about this? I guess if you have nonrecourse loans you don’t pay debt forgiveness tax, but you might pay capital gains. Do you know how one figures out the capital gains tax? I think you subtract the adjusted basis from the debt, how do you determine the adjusted basis? Is this a negative for those who owe more than their property is worth? Let’s say you owe 600 for your place, you paid 630, and now it can only sell for 5550. Would there be capital gains tax owed to the IRS?Thanks
ParticipantCapital Gains Tax for people going through foreclosure.
Some of you might remember that I am working with a couple tht is going through foreclosure. One issue that people haven’t talked about is not debt forgiveness, but capital gains tax. Does anyone have info about this? I guess if you have nonrecourse loans you don’t pay debt forgiveness tax, but you might pay capital gains. Do you know how one figures out the capital gains tax? I think you subtract the adjusted basis from the debt, how do you determine the adjusted basis? Is this a negative for those who owe more than their property is worth? Let’s say you owe 600 for your place, you paid 630, and now it can only sell for 5550. Would there be capital gains tax owed to the IRS?Thanks
ParticipantCapital Gains Tax for people going through foreclosure.
Some of you might remember that I am working with a couple tht is going through foreclosure. One issue that people haven’t talked about is not debt forgiveness, but capital gains tax. Does anyone have info about this? I guess if you have nonrecourse loans you don’t pay debt forgiveness tax, but you might pay capital gains. Do you know how one figures out the capital gains tax? I think you subtract the adjusted basis from the debt, how do you determine the adjusted basis? Is this a negative for those who owe more than their property is worth? Let’s say you owe 600 for your place, you paid 630, and now it can only sell for 5550. Would there be capital gains tax owed to the IRS?Thanks
ParticipantCapital Gains Tax for people going through foreclosure.
Some of you might remember that I am working with a couple tht is going through foreclosure. One issue that people haven’t talked about is not debt forgiveness, but capital gains tax. Does anyone have info about this? I guess if you have nonrecourse loans you don’t pay debt forgiveness tax, but you might pay capital gains. Do you know how one figures out the capital gains tax? I think you subtract the adjusted basis from the debt, how do you determine the adjusted basis? Is this a negative for those who owe more than their property is worth? Let’s say you owe 600 for your place, you paid 630, and now it can only sell for 5550. Would there be capital gains tax owed to the IRS?Thanks
ParticipantMy very good friend just moved to Cary and loves it. It’s a beautiful area with good schools and lovely homes. My mother-in-law has lived in Durham for the past 6 years and would never leave. There are some “south” influences, but it’s not as heavy as other deeper south states. Before we moved to San Diego, I really wanted to move there, but my husband wasn’t able to find a job at his level, so we ended up in San Diego. The weather is nice (not as nice as San Diego). Raleigh is an interesting city, but I will say there isn’t as many recreational opportunities as San Diego. It does have a strong sense of community and family values, if that’s what you are looking for. I would definately check out Cary. You can buy a very lovely home for much, much less than here, but I’d wait, their housing market is hurting.
ParticipantMy very good friend just moved to Cary and loves it. It’s a beautiful area with good schools and lovely homes. My mother-in-law has lived in Durham for the past 6 years and would never leave. There are some “south” influences, but it’s not as heavy as other deeper south states. Before we moved to San Diego, I really wanted to move there, but my husband wasn’t able to find a job at his level, so we ended up in San Diego. The weather is nice (not as nice as San Diego). Raleigh is an interesting city, but I will say there isn’t as many recreational opportunities as San Diego. It does have a strong sense of community and family values, if that’s what you are looking for. I would definately check out Cary. You can buy a very lovely home for much, much less than here, but I’d wait, their housing market is hurting.
ParticipantMy very good friend just moved to Cary and loves it. It’s a beautiful area with good schools and lovely homes. My mother-in-law has lived in Durham for the past 6 years and would never leave. There are some “south” influences, but it’s not as heavy as other deeper south states. Before we moved to San Diego, I really wanted to move there, but my husband wasn’t able to find a job at his level, so we ended up in San Diego. The weather is nice (not as nice as San Diego). Raleigh is an interesting city, but I will say there isn’t as many recreational opportunities as San Diego. It does have a strong sense of community and family values, if that’s what you are looking for. I would definately check out Cary. You can buy a very lovely home for much, much less than here, but I’d wait, their housing market is hurting.
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