• Trouble logging in? Send us a message with your username and/or email address for help.
New posts

Cavallino

Beach Comber
Jun 11, 2005
34
0
55
depends on the date
Did anyone notice that the $3.2million FSBO that was Gulfront on 30-A in Seagrove sold after being on the market for 4 days?

I was told they owned the home for 54 years!!! :clap_1:
 

Franny

Beach Fanatic
Mar 27, 2005
4,046
410
Pt. Washington
Yes that is correct..spoke to the owner and he sold his home today. He could no longer handle the hurricanes! Also confided that he sold too low after looking at the real estate ads in the Sun..shoulda used a Realtor!!!
 

BeachDreamer

Beach Fanatic
Mar 19, 2005
444
0
46
The Peaceful Piney Woods.
Franny said:
Yes that is correct..spoke to the owner and he sold his home today. He could no longer handle the hurricanes! Also confided that he sold too low after looking at the real estate ads in the Sun..shoulda used a Realtor!!!

What do you think it could have sold for? Poor guy. But I bet no matter how low it was, he made a nice profit. :D
 

Franny

Beach Fanatic
Mar 27, 2005
4,046
410
Pt. Washington
Yes he is satisfied with the profit since he has owned 50+ years. But, he could have sold for $2-300,000 more. However in his defense he is not paying real estate commission, or any closing cost. Also, the buyer is working with him on the closing date in order to allow him time to find a new home.
 

wetwilly

Beach Fanatic
Jul 11, 2005
536
0
Atlanta, Ga.
Franny said:
Yes he is satisfied with the profit since he has owned 50+ years. But, he could have sold for $2-300,000 more. However in his defense he is not paying real estate commission, or any closing cost. Also, the buyer is working with him on the closing date in order to allow him time to find a new home.

Anyone have a picture of the house and/or address?
 

Franny

Beach Fanatic
Mar 27, 2005
4,046
410
Pt. Washington
I can't remember the address but if you turn left onto 30-A from Hwy 395 the house is approx the 5th house on your right. He has a "The Taylors" on the back that you can see from the road and usually has his fishing boat in the carport. Hope this helps.
 

skier

Beach Lover
Mar 7, 2005
116
0
Good for him! It was pure profit if he had been there for 54 years and the first $500k was not taxable if it was his primary residence! Hes probably an older guy so you can't blame him for selling after dealing with the last 10 months of hurricanes.
 

30AOnline.com

Beach Comber
Jul 30, 2005
11
0
That's right, you have to be married filing jointly to get the $500k tax free. You know what though, there are some very lenient rules around that law that you wouldn't expect. Of course before 1997 the law was a once in a life-time $125k tax free gain from primary residence or you had to roll your profit into another home within 2 years of the sale. On the new laws it's $250k single or $500k married filing jointly. Where some people get confused is on residency requirements and 1031 exchanges. You'd assume that you could not convert an investment property you purchased on a 1031 exchange to a primary residence and get the tax break. Low and behold, YOU CAN. There are other requirements though. If you purchase on a 1031 exchange you have rolled profit from a previous BUSINESS investment into the purchase of your new like kind investment home....right? Well, if you own that house for 5 years live in it a total of 2 out of the 5 and the 2 years DO NOT have to be in a row and you don't have to be living in the home at the time you sell it, you qualify for the write off. In fact, any primary residence sale that you're going to try to avoid capital gains tax you only have to occupy the residence a TOTAL of 2 out of the previous 5 years, sequential is not a requirement and you don't have to be living in the home at the time of the sale.

Another freaky thing about the law is let's say you're single when you buy a home, you live with someone but you're not married, you occupy the house say for a year and a half and then get married 6 month before you sell. You're then married at the time of sale, the now spouses both lived there for 2 years, you can sell and take the $500,000 tax free.

You can't take excercise this deduction more than once every two years. But, you could live in multiple homes and even acquire homes through like property exchanges and as long as you own those homes 5+ years have investment properties, and multiple personal residences and take $500k every two years tax free if you buy right.
 

skier

Beach Lover
Mar 7, 2005
116
0
skier said:
Good for him! It was pure profit if he had been there for 54 years and the first $500k was not taxable if it was his primary residence! Hes probably an older guy so you can't blame him for selling after dealing with the last 10 months of hurricanes.


You're absolutely right Joe--I was jumping to the conclusion that he was married. He only gets $250k if he is single. My mistake--
 
New posts


Sign Up for SoWal Newsletter