![]() |
|
Porsche, and the Porsche crest are registered trademarks of Dr. Ing. h.c. F. Porsche AG.
This site is not affiliated with Porsche in any way. Its only purpose is to provide an online forum for car enthusiasts. All other trademarks are property of their respective owners. |
|
![]() ![]() |
![]() |
Mueller |
![]()
Post
#21
|
914 Freak! ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 17,146 Joined: 4-January 03 From: Antioch, CA Member No.: 87 Region Association: None ![]() ![]() |
rental prop., no 1031 exchange...we just wanted to cash out and pay off all of our bills (still have mortgage on our primary house...bummer)
|
campbellcj |
![]()
Post
#22
|
I can't Re Member ![]() ![]() ![]() ![]() Group: Members Posts: 4,555 Joined: 26-December 02 From: Agoura, CA Member No.: 21 Region Association: Southern California ![]() ![]() |
I e-filed (for the first time, it worked great) early this year - end of Jan - as I had a large Fed refund (which was also a first but was juggling too many variables to prevent it).
I used TurboTax and was quite impressed. Although if our situation gets any more complex I will probably bite the bullet and start using a CPA. Obviously one tiny F*up can cost you -big time-. Compared to our corporate and pension fund returns, the personal stuff is a walk in the park. Our tax system is 40 years overdue for a complete overhaul. I am not holding my breath, however. (Since we are OT anyway, there is currently a fairly interesting thread on tax reform over on the Pelican OT board. Of late I have found the OT board to be more interesting than the 911 and 914 ones... ) |
vortrex |
![]()
Post
#23
|
Senior Member ![]() ![]() ![]() Group: Members Posts: 1,687 Joined: 24-December 02 From: SF, CA Member No.: 4 Region Association: None ![]() |
I think it's $250k profit you are allowed to take tax free. you're allowed two primary residences I believe, so you shouldn't be hit with taxes.
|
boxstr |
![]()
Post
#24
|
MEMBER:PACIFIC NORTHWEST REGION ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 7,522 Joined: 25-December 02 From: OREGON Member No.: 12 Region Association: Pacific Northwest ![]() |
EXTENSION....three legal size pads loaded with rental expenses. Wifes stock option cash out. That should help offset or tax consequence.
CCLINREFUND |
GWN7 |
![]()
Post
#25
|
King of Road Trips ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 6,280 Joined: 31-December 02 From: Winnipeg, MB, Canada Member No.: 56 Region Association: Northstar Region ![]() |
Mike, check and see if you can have one property as your primary residence and your wife the other....(you can here) that way you won't have to pay capital gains on the rental that you just sold.
|
anthony |
![]()
Post
#26
|
2270 club ![]() ![]() ![]() ![]() Group: Benefactors Posts: 3,107 Joined: 1-February 03 From: SF Bay Area, CA Member No.: 218 ![]() ![]() |
But how would you say the rental is your primary residence if presumably you were collecting rent on it and depreciating it as an expense?
|
GWN7 |
![]()
Post
#27
|
King of Road Trips ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 6,280 Joined: 31-December 02 From: Winnipeg, MB, Canada Member No.: 56 Region Association: Northstar Region ![]() |
Those questions are best answered by your accountant........mine says "It's not how much money you make, it's about how much you get to keep" He used to work for the IRS up here, so he knows his stuff.
|
![]() ![]() |
![]() |
Lo-Fi Version | Time is now: 26th June 2024 - 12:03 AM |
All rights reserved 914World.com © since 2002 |
914World.com is the fastest growing online 914 community! We have it all, classifieds, events, forums, vendors, parts, autocross, racing, technical articles, events calendar, newsletter, restoration, gallery, archives, history and more for your Porsche 914 ... |