Colorado B.S. Thread

Been a few years since I've been in the real estate investment gain but this is what I recall as well as an exclusion if you roll those gains into another personal residence within a year. So if you realize gains and put that all back into a new home you don't pay the tax. Memory is a bit fuzzy on the details and they may have changed anyway so you may want to talk to a CPA to clarify. I had a good one but you'll want to find one near you to work with if you plan on having capital gains to worry about.

 

will you really be seeing a gain on the sale? between original purchase price, closing costs and renovations?

http://www.irs.gov/uac/IRS-Issues-Home-Sale-Exclusion-Rules

may not apply but see below for more info
"For qualifying sellers, the maximum exclusion amount of $250,000 ($500,000 for a married couple filing jointly) is limited to the percentage of the two years that the person fulfilled the requirements. Thus, a qualifying seller who owns and occupies a home for one year (half of two years) – and who has not excluded gain on another home in that time – may exclude half the regular maximum amount, or up to $125,000 of gain ($250,000 for most joint returns). The proportion may be figured in days or months."

more info, http://www.irs.gov/taxtopics/tc701.html

http://www.irs.gov/publications/p523/ar02.html#en_US_2012_publink1000200709
Maximum Exclusion

You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true.

• You meet the ownership test.
• You meet the use test.
• During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later.
If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.
You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons .
Ownership and Use Tests




To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

• Owned the home for at least 2 years (the ownership test), and
• Lived in the home as your main home for at least 2 years (the use test).

Exception. If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclus



http://www.irs.gov/publications/p523/ar02.html#en_US_2012_publink1000200747
Reduced Maximum Exclusion

If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. This applies to those who:

• Fail to meet the ownership and use tests, or
• Have used the exclusion within 2 years of selling their current home.

In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons.

• A change in place of employment.
• Health.
• Unforeseen circumstances.

Qualified individual. For purposes of the reduced maximum exclusion, a qualified individual is any of the following.

• You.
• Your spouse.
• A co-owner of the home.
• A person whose main home is the same as yours

Reporting the Sale

Do not report the 2012 sale of your main home on your tax return unless:

• You have a gain and do not qualify to exclude all of it,
• You have a gain and choose not to exclude it, or
• You received Form 1099-S.

If you have a gain that you cannot or choose not to exclude, if you received a Form 1099-S, or if you have a deductible loss, report the sale on your tax return. Report the sale on Part I, line 1 or Part II, line 3 of Form 8949 as a short-term or long-term transaction, depending on how long you owned the home. Report the proceeds from the sale (Worksheet 2, line 1) in column (d) and the cost or other basis (Worksheet 2, line 4) in column (e). If there are any selling expenses, enter “E” in column (f) and the necessary adjustment in column (g). See the Instructions for Form 8949.
If you can exclude some or all of your gain on the sale of your main home, enter “H” in column (f). Enter the amount of the excluded (nontaxable) gain as a negative number (in parenthesis) in column (g). See the Instructions for Form 8949.
If you have a loss on the sale of your main home for which you received a Form 1099-S, you must report the sale on Form 8949 even though the loss is not deductible. Enter "L" in column (f) and enter the amount of the nondeductible loss as a positive number in column (g). See the Instructions for Form 8949.

 

Holy poop!

 

She won't be down that way until the weekend after this weekend. I will be around but I'm here with my mom so I won't be able to stray anywhere to meet you unfortunately. You're welcome to come by here if you like but we can continue waiting until someone from down there is coming up here already.

 

That recent revisit to Metbery Gulch made me really miss water crossings. While never as extreme as the video it could (depending on release) be up to the headlights on a mild lifted truck. I think I remember Hacket having the deepest crossings.

On our old 22r trucks, before we had snorkels, we would take our air inlet and turn it around in the engine compartment. The intake was right next to the drivers headlight. It was the only way to keep the "bow wave" from getting sucked up the air tube. Almost all newer Toyota trucks pull air from the passenger fender area so that risk is way lower. Also, you had to prep the ignition system so the distributor would ingest water, silicon sealant and dielectric grease were used. I haven't really prepped the 4runner yet, almost all the connectors are sealed, think it just might be sealing the coils and wires. Who knows, not like I'll ever cross deeper then the headlights now anyways. I'll never do like that trucks with my 4runner.

 

http://www.cosports.com/fwhldr/trails/hackett.htm

I'm trying to locate the video of the FJ80 floating through the crossing. I think it was 2000 so the video might have been deleted. The crossing was called the Teller County carwash, that is not bringing up any videos though.

 

Those tires were gnarly

 

Thanks for the info guys. I hope to see a gain but I want to roll it into another house.

And OST I may swing by. I might go visit a friend in eaton so is be up that way. Ill be in touch.

 

Yeah they are.

 

Okay man, let me know.

 

they look like maxxis creepy crawlers

 

Oh boy. Territory Days is this weekend. Time for hell lol

 

Nice, down it the springs right. I always enjoyed that when I lived down there.

 

Yep. But we live on the street next to the main drive and people like to park in front of our driveway and nearly impossible to get to our house sometimes lol

 

that's what winches are for

 

Haha we'll tell them they'll get a ticket for parking in certain places in front of our house and then just look at us like "Screw off". 10 mins later cops roll up LOL

 

Put parking cones out. . Or you and your neighbors park like ass holes and space far apart that no one can park between you.

 

We just picked up a cone for our driveway haha.

It seems like a perfectly fine place to park on the other side of the street, plenty of space and it's just a sidewalk and rail with a dropoff on the other side...but it's a no parking area and cops stalk it lol

 

Suby bags on
so I wasn't able to find the bumper so eBay again :/
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