denton, i don't know what the rules are for a couple.

Posted by: daveinbedstuy at February 9, 2010 4:53 PM in response to House of the Day: 449 6th Street

m4l, the point we are discussing is when the building is sold. I know I'm right on this and benson has since found something that supports my stance.

It is something important enough that may sway someone as to when they sell an investment property.

Posted by: daveinbedstuy at February 9, 2010 4:52 PM in response to Open Thread

Dave, this is between me and Ken.

Yeah, I'll probably be kicked off the site for that. I just had to get that off my chest. I'm sure what I said was what a lot of people were thinking as well.

Posted by: Joe from Brooklyn at February 9, 2010 4:44 PM

Not when you call him "Dave in bed Stuy's little fucking rent boy" it isn't.

I'd check on who people are supporting to see exactly what they were thinking.

Posted by: daveinbedstuy at February 9, 2010 4:50 PM in response to Open Thread

m4l, that's exactly what happens UPON SALE OF THE PROPERTY. All of the accumulated losses, provided you've not held the building so long that they've been used up by gains, will net out against your ordinary income at the time of sale.

None of that would be possible while still holding the property.

Posted by: daveinbedstuy at February 9, 2010 4:47 PM in response to House of the Day: 449 6th Street

chicken, you're starting to sound like BHO. This place may actually be attractive to someone who wants to buy a home...whatever additional income it provides probably won't make or break the deal.

The kitchen and the shower curtain will.

Posted by: daveinbedstuy at February 9, 2010 4:46 PM in response to House of the Day: 449 6th Street

I don't get 5 weeks anymore, either benson.

Posted by: daveinbedstuy at February 9, 2010 4:44 PM in response to Closing Bell: Kensington in Danger of Destabilization?

chicken, best if you go rummaging around the horse stall in the Closing Bell.

Posted by: daveinbedstuy at February 9, 2010 4:43 PM in response to Open Thread

They will be built by young homosexual Russian men.

Posted by: Joe from Brooklyn at February 9, 2010 11:03 AM

That's a new low dude. You're not even making any sense. Do you want me to make snarky comments about fat Italians who check-in people at hotels?

Posted by: Kensingtonian at February 9, 2010 11:11 AM

Joe, Kens isn't homosexual. I'm not going to bother posting the posts that led up to this.

Posted by: daveinbedstuy at February 9, 2010 4:42 PM in response to Open Thread

Remember, you will always be Dave in Bed stuys' little fucking rent boy, you're a low down piece of shit and if you ever try to belittle me or any of my friends on Brownstoner again I'm gonna find a way to take the ugly off you face.

Remember, you get one pass, next time you come at me like a man I'm going to treat you like one and call you out for real.

Posted by: Joe from Brooklyn at February 9, 2010 4:29 PM

WTF IS THIS????????? Joe, despite your size, anybody here could take you.

You started that shit with Kens.

Posted by: daveinbedstuy at February 9, 2010 4:38 PM in response to Open Thread

Go to the HOTD and see how benson is being a horse's ass.

Posted by: daveinbedstuy at February 9, 2010 4:34 PM in response to Closing Bell: Kensington in Danger of Destabilization?

DIBS;

I'm not trying to break chops. I sold an investment property in 2005, and my accountant was adamant about this point (He's a professor!).

Posted by: benson at February 9, 2010 4:29 PM

Those who can't, teach.

No professor knows the tax code like a practicing CPA & CFP.

You owe me a drink.

Posted by: daveinbedstuy at February 9, 2010 4:33 PM in response to House of the Day: 449 6th Street

DIBS;

You owe a drink (see answer 1):

http://answers.yahoo.com/question/index?qid=20090315124259AAjwMpk

Posted by: benson at February 9, 2010 3:14 PM

Anonymous post on a blog is all you can come up with?????

Posted by: daveinbedstuy at February 9, 2010 4:30 PM in response to House of the Day: 449 6th Street

Yeah, benson is over there saying the specific advice that my CPA gave me is wrong.

benson, you did not cite an expert opinion. It was an opinion on a blog by someone without any dredentials, from Missouri, no less.

Posted by: daveinbedstuy at February 9, 2010 4:29 PM in response to Open Thread

He's not only a CPA but he's a CFP. He's not wrong, benson just because you find some anonymous post on a blog from some guy from Missouri and think you're right.

Gimmie a fucking break. He's a CPA.

I sold an investment property in 2005 and that's the way the accumulated losses were treated. I remember specifically because it worked out great because I had a huge bonus paid that year.

Posted by: daveinbedstuy at February 9, 2010 4:26 PM in response to House of the Day: 449 6th Street

dh, you just got post #420

Posted by: daveinbedstuy at February 9, 2010 4:23 PM in response to Open Thread

I bet it's against the law to tie the horse to the phone company pole.

Posted by: daveinbedstuy at February 9, 2010 4:21 PM in response to Closing Bell: Kensington in Danger of Destabilization?

My accountant responded:

"They go against all income including ordinary without limits."

Donlad W. Carman
Albany Financial Planners

I highly recommend him. I will see him in 2 weeks and will buy him a drink courtesy of benson.

Posted by: daveinbedstuy at February 9, 2010 4:19 PM in response to House of the Day: 449 6th Street

Only in NYC could some jackass conceive of five week vacations for horses.

Posted by: daveinbedstuy at February 9, 2010 4:14 PM in response to Closing Bell: Kensington in Danger of Destabilization?

www.2guys1horse.com

Posted by: daveinbedstuy at February 9, 2010 4:13 PM in response to Closing Bell: Kensington in Danger of Destabilization?

CLOSING BELL^^^^^^^^^^^^^

Posted by: daveinbedstuy at February 9, 2010 4:12 PM in response to Open Thread

Kens, get your horses and goats off the street corner.

Posted by: daveinbedstuy at February 9, 2010 4:11 PM in response to Closing Bell: Kensington in Danger of Destabilization?

I saw him first. I'm not sharing him with anyone. If Adam Rodriguez happens to come along the rest of you can have Eddie Cibrian.

http://images.google.com/images?hl=en&source=hp&q=adam+rodriguez&gbv=2&aq=0&oq=adam+rodrig&aqi=g10

Posted by: daveinbedstuy at February 9, 2010 4:10 PM in response to Open Thread

How can an apartment lease be 50 pages??????? I had a commercial lease that was about 25 pages.

Posted by: daveinbedstuy at February 9, 2010 4:07 PM in response to Open Thread

At 3:52, she texted: "Guy in bed across from me is right up daves alley. too bad hes under arrest, cuffed to bed and surrounded by cops!"

Posted by: CGar at February 9, 2010 4:00 PM

How much is his bail???

Yes, m4l, csi Miami although he doesn't hold a candle to Eric Delco (Adam Rodriquez) who is about as muy caliente as they ever get!!!!!!!!!!!!!!!!

Posted by: daveinbedstuy at February 9, 2010 4:06 PM in response to Open Thread

Damn - just got a copy of my new lease. Shit is intense!!

Posted by: dirty_hipster at February 9, 2010 3:57 PM

Not a ghetto one-pager????

Posted by: daveinbedstuy at February 9, 2010 3:59 PM in response to Open Thread

I would do Eddie Cibrian.

Posted by: daveinbedstuy at February 9, 2010 3:55 PM in response to Open Thread

isn't "flipping" same as "versatile"?

Posted by: Kensingtonian at February 9, 2010 3:41 PM

guess I'm learning this faster than you my fellow immigrant. if one isn't already versatile, the process to become versatile is flipping. versatile is the end-state. flipping is the process to get to that end-state.

Prof DIBS,

do I get A+ for that explanation?

Posted by: more4less at February 9, 2010 3:45 PM

Very good, young man. The term "flipping" is usually used in the context of a top deciding that he's liking his partner so much that he'll bottom for him.

That was a very shrewd analysis, See me after class in my office.

Posted by: daveinbedstuy at February 9, 2010 3:51 PM in response to Open Thread

I'm gonna go out on a limb and say that "I'll tumble for ya" is the same thing as flipping!!!!

http://www.youtube.com/watch?v=t55cwqELrRY

Posted by: daveinbedstuy at February 9, 2010 3:48 PM in response to Open Thread

There may be a fee of a few hundred dollars to obtain the coop docs for your lawyer. Yhere may also be "moving in" fees.

If you plan on renovations of any sort, grease the super $200-500.

Posted by: daveinbedstuy at February 9, 2010 3:40 PM in response to Open Thread

Kens, my Mexican bf has done almost a complete flip flop. We'll, talk about it at the next get together. no homo

And that's a technical term...it is called "flipping." not to be confused with the slang "Flip" for Filipino.

Posted by: daveinbedstuy at February 9, 2010 3:36 PM in response to Open Thread

Sorry, I thought it was a condo.

Posted by: daveinbedstuy at February 9, 2010 3:34 PM in response to Open Thread

Let me confirm with my accountant and not just some anonymous blogger.

Posted by: daveinbedstuy at February 9, 2010 3:29 PM in response to House of the Day: 449 6th Street

I'm thinking the top floor has the worst view because they can actually see over that wall.

Posted by: daveinbedstuy at February 9, 2010 3:26 PM in response to Development Watch: 659 Baltic Street

OUCH!!!!!! IronMaiden. LOL

Posted by: daveinbedstuy at February 9, 2010 3:25 PM in response to Development Watch: 659 Baltic Street

m4l, gemini...I think those costs are on the low side. I don't have a closing statement handy to check.

Don't forget the NYC mortgage tax:

Less than $500,000:
$2.05 for each $100, or major fraction of the principal amount.
If the property to be covered is a one- or two-family house, the tax is reduced to $1.75 for each $100 of the first $10,000 of the principal amount.
$500,000 or more and the property to be covered is a one-, two-, or three-family house or individual residential condominium unit:
$2.175 for each $100, or major fraction of the principal amount.
If the mortgage is for a one- or two-family house the tax is reduced to $1.75 for each $100 of the first $10,000 of the principal amount.

Posted by: daveinbedstuy at February 9, 2010 3:22 PM in response to Open Thread

I don't mind a big snowstorm. I'll shovel in the morning, go to work in my boots and shovel when I get home.

I like the snow.

Posted by: daveinbedstuy at February 9, 2010 3:16 PM in response to Open Thread

Also, if you, as a straight man, were to guess, I'd bet you'd get most of us wrong.

Posted by: daveinbedstuy at February 9, 2010 3:08 PM in response to Open Thread

BIMBO, more specifically Grupo BIMBO, is a Mexican bakery chain.

Posted by: daveinbedstuy at February 9, 2010 3:07 PM in response to Open Thread

m4l, I don't know what the statistics are on what % of gays are top only, bottom only or versatile.

Should we take a pole (no homo) here on brownstoner???

Posted by: daveinbedstuy at February 9, 2010 3:05 PM in response to Open Thread

benson...ask some of your japanese colleagues what they think of Asashoryu. He's a sumo that just got kicked out because of incredibly bad behaviour but he's also Mongolian, which was probably the underlying reason.

I'll forward you an anlysis of the situation from a friend. It has gotten more press over there lately than Toyota.

Posted by: daveinbedstuy at February 9, 2010 2:58 PM in response to House of the Day: 449 6th Street

JB, I would ASSume they like the pitch & catch during the session. DIBS, please confirm

Posted by: more4less at February 9, 2010 2:37 PM

That's called "Versatile."

Posted by: daveinbedstuy at February 9, 2010 2:51 PM in response to Open Thread

Wait 'till benson gets here, then we'll really know how much of an asset this place is to this neighborhood. :)

Posted by: daveinbedstuy at February 9, 2010 2:47 PM in response to Development Watch: 659 Baltic Street

Deal, benson. I'll email my accountant and forward the email to you.

Posted by: daveinbedstuy at February 9, 2010 2:43 PM in response to House of the Day: 449 6th Street

If you paid $2MM for the house and you determine that 50% of the spave is attributable to the income producing unit then you deduct ($2mm * 0.5)/ 26.5 = $37,735 every year as amortization expense. This is a non-cash expense and that's how you easily get to an accounting (IRS) loss even if there's no mortgage and no mortgage interest expense (unlikely).

* I think it's 26.5 years , it may be 27.5 or something slightly different.

As the mortgage interest goes away and after you've owned it for 26.5 years, the amortization disapears and all those accumulated losses will offset the income that you start to see. In reality, your cash flow will remain the same, more or less.

Posted by: daveinbedstuy at February 9, 2010 2:41 PM in response to House of the Day: 449 6th Street

no benson, the accumulated Schedule E loss is taken against ordinary income. I sold an investment property in 2002 and that's how it was. I don't think it has changed.

Posted by: daveinbedstuy at February 9, 2010 2:36 PM in response to House of the Day: 449 6th Street

Much, much nicer than the Vermeil. I'm sure the interior quality is even better. Anyone know how many units have sold?????

Posted by: daveinbedstuy at February 9, 2010 2:33 PM in response to Development Watch: 659 Baltic Street

Why Pole, because they don't house 300 entitled low income families????

Posted by: daveinbedstuy at February 9, 2010 2:30 PM in response to Vermeil Inching Towards The Finish Line

Are you immigrants saying that you reuse condoms?????

Posted by: daveinbedstuy at February 9, 2010 2:29 PM in response to Open Thread

Noki, I'm just being snarky. I couldn't think of anyone else to pick on as being pretentious ALTHOUGH, Montrose Morris WAS labelled a Pretentious Black Asshat (PBA) by noneother than the What, so that's gotta be right.

Do you really think others like ET for example are pretentious??? Slutty maybe, but not pretentious.

Posted by: daveinbedstuy at February 9, 2010 2:23 PM in response to Open Thread

The condoms were smooth. I think the camel hair was pretentious even though you can get one at Syms for $250.

Where is he to defend himself.

Posted by: daveinbedstuy at February 9, 2010 2:17 PM in response to Open Thread