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Locked on 03/05/2005 12:05:45 PM PST by Jim Robinson, reason:
Continued on new thread: http://www.freerepublic.com/focus/f-chat/1356747/posts |
Posted on 01/27/2005 9:59:05 AM PST by ecurbh
New verse:
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Upon the hearth the fire is red, |
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Still round the corner there may wait |
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Home is behind, the world ahead, |
Heh heh!!
That just freaked me out though, seeing that guy fumbling through my trash with one hand, gripping his popcorn with the other...
Made me wonder where he got the popcorn...
Heh, Matthew's so funny...
I told Joshua "QUICK PICKIN' ON THAT CHICKEN NUGGET! It looks like you're performing an autopsy on it!" Joshua just popped the nugget in his mouth without further comment, but Matthew said "What's an autopsy." I said "Look it up."
He just did and was just laughing...
XBOX recall on the cords. Ours isn't affected...
http://replacements.webprogram.com/en-us/programoverview.asp
Oh funkle.
Very clever... that's me!
Electrician my dad hired just came and left. Says he doesn't think we're going to burn up from anything he could see. My dad worries about our house burning down. maybe he'll be more relaxed now.
I'm a calm person surrounded by white-knucklers. ;~D
Generally, if you owned and used the home as your main home for periods totaling at least two years within five years ending on the date of these sale, you're eligible for the exclusion," says RIA's Trinz.
I didn't see that thread. Do you still have a link?
yeah, just a sec...
thanks!
heh heh... good on yuh...
It's been a fantasy of mine...
Anyway, we're officially debt free as of today...and I mean we don't owe nobody nada...all our bills are paid for this month, heck...I even got the tags for my car (which were due last month but they give you a thirty-day grace period.) Steve even paid CASH for his tuition...hopefully the last tuition he'll ever have to pay.
Once I get my septic sucked out I swear I'll be the happiest woman on God's green earth! :-D
Oh, those credit card people think they know a sucker when they see one and they pass on the love, apparently, to every other credit card company in the WORLD. I just spent half an hour shredding credit card applications! I feel like I just performed an excorcism!
Evenin' there, everybody... :-)
What's this about men picking through trashy lingerie?
Evening Ramius - another week filed in the out box of life.
That's quite an achievement, 2J!
Almost... I've still got another email to send before it is Friday in the Ramius lair. Waiting for a spreadsheet to arrive, tweak, and send on its way.
But that doesn't mean I can't have a little Turkey while I'm waitin'...
Well, good tweaking and sipping, it's darn near Friday in the lands by the Western Seas.
It's salary actions for my department... some things you don't wanna do sober. :-)
Debt free is good. :-)
Aside from the house... everything is paid for, and that's a good thing. I got rid of my Visa card after paying it off a while ago, and have pretty much gone to a debit-only lifestyle. I'll probably get a credit card again, but I'm not in much of a rush. Gotta have one to rent a car, though.
Right now the only credit card I carry is a company mastercard that I use for travel, and business purchases off the internet.
That's my reading of the rules, too. It's called the exclusion rule; basically, you can exclude up to $250,000 gain on the sale of your home, if you meet the following criteria:
During the 5-year period ending on the date of the sale, you must have:
1) Owned the home for at least 2 years (the ownership test), and
2) Lived in the home as your main home for at least 2 years (the use test).
The 2 years don't have to be consecutive, by the way. If you meet the exclusion requirements, you don't even have to report the sale on your taxes, at all.
If you don't meet the requirements, then you'll have to report the sale. But, you'll only have to pay tax on it if it resulted in a gain. Take the sale price, less any sales expenses (this is called the amount realized) less the adjusted basis. The adjusted basis is your original purchase price, plus the cost of any improvements done to the home. Doing all that arithmetic gives you a gain or loss. If it's a gain, you'll pay tax on it, but if it's a loss you'll actually owe less tax.
The relevant IRS publications are Publication 523 "Selling Your Home" and Publication 530 "Tax Information for First-Time Homeowners".
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