Author |
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Resortgirl
Member
09-23-2000
| Tuesday, March 14, 2006 - 5:13 am
As always I need some advice/input from the smartest people on earth~ As many of you know, we built townhomes on our lakeshore property last year. They didn't sell last summer, mainly because they were finished to late. They should have been done in April and it was closer to June. We have recently put the whole project on the market because it is bleeding us dry. An offer is to be written tomorrow but we have no idea how close to our asking price it is. Another thing that has come up is Capital Gains Tax. We structured the project in such a way as to avoid the worst of capital gains or taxes, but that was if we sold one home at a time. Now we are going to get slammed with a big ol bill! We've been brainstorming and one idea we came up with was to "buy" one of the townhomes ourselves, lower the asking price and stay for a 2-3 year timeframe. We "think" that when we sell the house then, that it won't be considered a capital gain since it is our residence. However, we don't know this for sure (talking to our accountant today) But maybe some of you have some knowledge of this process and can give me some input too. Since we bought the property as a business it will be sold as such and that's why we have to pay the capital gains on it. We can only defer the tax by reinvesting in another business/resort, and I ain't going there!!! Besides, the accountant said Capital Gains are historically low right now and we'd be taking the chance that they may go up in years to come and then we'd have to pay the piper even more. Any advice on any of this? Otherwise, consider it a vent! LOL!
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Resortgirl
Member
09-23-2000
| Wednesday, March 15, 2006 - 3:59 am
LOL! I guess it was a vent! We talked to the accountant and the realtor and moving into one of the townhomes IS the best thing for us financially. Soooooo... if all goes well today we will start packing!! It's not exactly the way we hoped things would go, but heck! I only have to move about 900 feet away, get to live in a beautiful lakeshore home with a JACUZZI, and 3 bathrooms!! Yippideee do da!!! My (hopefully) new kitchen

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Mocha
Member
08-12-2001
| Wednesday, March 15, 2006 - 6:04 am
So does this mean you're selling your current house??
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Vee
Member
02-23-2004
| Wednesday, March 15, 2006 - 11:11 am
Gee, I only wish that I knew anything about this, RG. I'm thinking that having to move into one of your gorgeous lakeshore properties sounds like a problem that would be kinda fun. That kitchen is beautiful with a capital "B." You will probably find those properties selling very soon now that spring is rolling around again. Property is still hot and there is only so much lakeshore property available. True?
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Resortgirl
Member
09-23-2000
| Wednesday, March 15, 2006 - 4:49 pm
Mocha, we are selling everything but the finished townhome. By keeping that we are able to lower the selling price of the whole property, and we won't have to pay capital gains tax on the townhome, because we will live there. The home we live in now will be torn down and a new home built in it's place. The new developer will finish the project we started. It's not the best case scenario, but it's the only one that is going to work for us at this point. It's sad that our dreams didn't come true, but we'll have a very nice home and we can start coming up with new dreams..... Thanks Vee! No it's not a bad problem to have I guess... and it's very true that lakeshore is still hot but we just can't afford to sustain the project anymore.
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Jagger
Member
08-07-2002
| Wednesday, March 15, 2006 - 4:56 pm
RG sorry to hear you weren't able to sell it how you wanted to, but at least you'll be in a great new house, and you'll still be by the lake to enjoy the beautiful summer evenings.
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Mocha
Member
08-12-2001
| Wednesday, March 15, 2006 - 5:54 pm
Ahh ok. I'm sorry bout this but you do get to be in a brand new house and not a cardboard box.
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Resortgirl
Member
09-23-2000
| Friday, March 17, 2006 - 5:43 am
Yup Mocha... 97% sure that I'll get to move into that house. The other 3% is me holding on to my pessimistic outlook on life.... If all goes as planned I will start packing up this weekend and we'll move down there after we get back from our vacation. Probably try to do it Easter weekend because we have an extra day off. I have alot of stuff to throw away or donate because I want a clean slate in the new house. And I've kind of changed my decorating style (in my mind anyway) from what it was 11 years ago. Here's a picture of the new bedroom furniture I'd like, and also the new living room furniture (not sure on the color, but maybe a nice caramel color)
Cross your fingers that it works out, ok?
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Schoolmarm
Member
02-18-2001
| Friday, March 17, 2006 - 5:52 am
RG....have a garage sale with your "cast offs". I am always amazed at how much money I made at stuff I didn't want to move. You could also display your jewelry....Or if you don't want to have a garage sale, at least run an ad in the paper for your big items. Good luck with the move! At least you don't need to get a big semi and drive through the night to beat it to your house.
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Mocha
Member
08-12-2001
| Friday, March 17, 2006 - 6:59 am
Will do!
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Teachmichigan
Member
07-22-2001
| Friday, March 17, 2006 - 12:46 pm
I second that ad in the paper -- LOTS easier than a garage sale. We had a storage shed while we were living in a trailer waiting to build; finally, after two years of actually being IN the house, we cleared out the shed. Most of it needed to just be sold -- one ad, one day and a lady came and bought every last thing! Probably could have made more w/a garage sale, but the time and effort saved was more than worth the loss of a few dollars! PS - I'd love to see more pictures when you get moved in! I remember going to the site when you were trying to sell the house, and it was beautiful! It'd be great to see it furnished and everything. 
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Resortgirl
Member
09-23-2000
| Friday, March 17, 2006 - 9:52 pm
WE SOLD THE PROPERTY!!! We didn't get what we wanted but more then the developer wanted to pay, so I'm satisfied. He's paying cash, we close in 30 days and we have to have everything, and I mean everything out at closing. We are going to start this weekend with the house stuff. We could probably be moved in completely by Monday, but Hubby doesn't want to actually live there until satellite is hooked up, and that could be a week or better... also need phone lines to the house. Jordan called him a "putz" because he won't sleep without TV.... LOL! Sooooo.... our long struggle to make some dreams come true has come to an end... mercifully. And we have a mortgageless house to live in!! Thank you for hanging out with me during my stress.... 
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Wargod
Moderator
07-16-2001
| Friday, March 17, 2006 - 11:37 pm
RG, that is terrific! Congratulations!
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Texannie
Member
07-16-2001
| Saturday, March 18, 2006 - 2:23 am
you sold the property AND have no mortgage??? that's FANTASTIC!!!!
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Hukdonreality
Member
09-29-2003
| Saturday, March 18, 2006 - 3:29 am
Yay for RG! 
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Vee
Member
02-23-2004
| Saturday, March 18, 2006 - 5:42 am
Congratulations, RG! That is incredibly good news. You must feel as if the weight of the world has been lifted from your shoulders. 
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Mak1
Member
08-12-2002
| Saturday, March 18, 2006 - 5:46 am
Wonderful news, ~RG~!!
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Karuuna
Board Administrator
08-31-2000
| Saturday, March 18, 2006 - 7:11 am
RG, I'm doing my happy dance for ya! that has to be a big relief to you!
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Mameblanche
Member
08-24-2002
| Saturday, March 18, 2006 - 7:31 am
3 Cheers for RG - Hip, hip, hooray!
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Juju2bigdog
Member
10-27-2000
| Saturday, March 18, 2006 - 8:21 am
Yay RG!!!
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Spygirl
Board Administrator
04-23-2001
| Saturday, March 18, 2006 - 8:27 am
Yippee!!!! That's great news, RG! I hope you have a great celebration meal in honor of the new digs! 
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Mocha
Member
08-12-2001
| Saturday, March 18, 2006 - 9:02 am
Woo Hoo!!!!! Lol I agree with your dh bout the tv, I can't live without it either.
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Landi
Member
07-29-2002
| Saturday, March 18, 2006 - 9:49 am
oh RG that is the most wonderful news! i am so happy for you and your family!
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Grannyg
Member
05-28-2002
| Saturday, March 18, 2006 - 10:07 am
RG, I'm late but Yay!!!!!!!!! So glad it all worked out!!! Now, how long does this mean it will be before you move to Mississippi???? ack!!! I'm thinking it's gonna be longer than I want it to be.
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Resortgirl
Member
09-23-2000
| Saturday, March 18, 2006 - 10:59 am
Ok takin' a break. I almost have the kitchen moved down there. Whew!! Gosh, I have soooooo much more cupboard space, and as you can tell by the picture, it's not a huge kitchen. Shows ya how pathetic my old one is. The kitchen is the easy room. There are rooms and closets that I absolutely dread going into. GAWD!!! But it's my own fault. I've neglected this house, and it shows.... Sorry I couldn't talk last night Landi. I was expecting probably the most important phone call of my life, to date.... Granny, We have to stay in this house for at least two years... or pay the piper (government) so it'll be a lil bit yet. Love you guys, and really really wish you were here!!
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