jolly's Profile
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Author's Posts
December 6, 2007
chimney liner from boiler
i need to replace the chimney liner from the boiler in the basement up to the roof of a four storey brownstone.
i've had two quotes, one from Brookfield and one from Just Chimneys. There is a $3000 price difference. Both are to drop in 6" or 8" metal pipe liner.
Does anyone have any insight into the different estimates, any recommendations on either company or any recommendations for alternate companies I should contact.
Thks!
October 28, 2007
furniture lacquer finish
i'm looking to find a company to refinish some pieces of furniture with a gloss lacquer. Would anyone know of any companies, maybe painters or paint strippers who do this kind of finish. Has to be done in their workshop with spray.
thks
October 24, 2007
selling brownstone + capital gain tax
I'm looking to sell a brownstone, downscale and buy an apartment.
I've been given conflicting information regarding tax implications of selling property and would really appreciate if anyone has any further clarification so I can do the math correctly.
I've been told it is still possible to rollover capital into another property (thus defering tax payments) within the year end/12 months of sale.
I've also been told that, instead, on any gain there is a tax exemption on the amount of $250,000 ($500,000 if married), and that any gain above that, captital gains tax has to be paid. And it is not possible to roll-over, unless one does a 1031 exchange.
Any insight as to which is current and correct much appreciated.
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Check with an accountant but I believe that the depreciation on the rented portion of your space space is waived if you occupy (or don't rent) that space for 2 (maybe 3) years.
Having a good accountant is right up there with having a roof that doesn't leak.
Posted by: Johnny at October 25, 2007 9:20 AM in response to selling brownstone + capital gain tax
even if its 50/50 you can still do a 1031 IF you have been reporting your rental income in a schedule E on your taxes for the past 2 years AND you buy a place that has rental income (ie a two famil) or you rent your new place out.. the weird thing about a 1031 is that there is no law that states how long you have to rent your new rental property.. as stated above speak to your accountant. you can save a lot of money with a 1031 for sure , good luck
Posted by: buckygirl23 at October 25, 2007 10:07 AM in response to selling brownstone + capital gain tax
Has anybody here sold a place that appreciated substantially more than the 250,000/500,000 tax exemption and happen to know when the capital gains tax has to be paid? (I'm not talking 1031 here - just regular residential (no rentals) sale.)
Do you have to pay it in the quarter you sell, or can you pay it by the next Apr. 15? And, if you do pay it on Apr. 15, do you owe penalty if you didn't pay by Dec 31 90% of what your taxes were last year?
Posted by: guest at October 25, 2007 3:48 PM in response to selling brownstone + capital gain tax
My accountant said the following April 15 after the year of sale
Posted by: guest at October 25, 2007 11:52 PM in response to selling brownstone + capital gain tax
oooh, it's all so complicated, who would have thought it. i would certainly never knock owning my house and the appreciation. On paper it's great, but it's really not easy to figure out how to move on and tax implications are harsh.
could be a cautionary tale - i bought my house 12 yrs ago (go figure on the price) but it's not likey to be worth me selling....after tax, i think i'll be lucky to afford an apt in the same area.
for those who asked, house is 50% priamry residence, 50% rental.
Posted by: jolly at October 25, 2007 1:55 AM in response to selling brownstone + capital gain tax