Bestwifeever
Moderator Emeritus
- Joined
- Sep 17, 2007
- Messages
- 17,774
Wonderful news! Congratulations, DSK.
"SOLD" sign posted 3/14
- Thread starter Dimsumkid
- Start date
Westernskies
Thinks s/he gets paid by the post
- Joined
- May 5, 2008
- Messages
- 3,864
DSK, Congratulations! Maybe you should start a poll on whether to pay down the mortgage or invest the proceeds....
Dimsumkid
Thinks s/he gets paid by the post
Thanks...I don't think I want to start anymore polls, too many of those as of late. The proceeds I never counted as part of our net assets since it wasn't liquid. Now that is it, our current mortgage is 4.5%. Unless I find something close/equal to this rate, I'm almost better of paying down the mortgage.
Well, the good news is that you got a check to take home from closing... instead of gong home to bring in a check to closing.
Have you run through a set of calculations to determine whether you owe any estimated 2011 taxes next month on the cap gains? Or are you still within the rollover/exclusion limits?
You'll have to let us know [-]when you pay down the mortgage[/-] what type of equity bargain you find in the stock markets... at this point I'm not even sure I'd want to buy more Berkshire Hathaway.
Dimsumkid
Thinks s/he gets paid by the post
I'm sure I'll be well within the home profit exclusion, it's still $250k for single and $500k for married couple as long as you have lived in it 2 of last 5 years, correct? Gross profit is only $195k and my expenses for remodelling isn't over $70k. Since I'm not even close to the single profit limit, I figure it's not even worth fishing for all the old receipts, other than curiosity. Most of the labor was mine, so that I can't expense. I know for the estate house I sold, the net profit was only $68k, and my account said I didn't need to even file to the IRS. I would imagine this won't change my capital gains. Let me know if I'm wrong on this point.
As far as investments, I don't hold any BRK stock, but have a few good stocks that pay out close or above 4.5% rate (MO,GSK,CTL,T,WIN,BMY) and a preferred ETF (PGF) that pays more than this too. On the flip side, there's nothing like paying down/off the mortgage, reduces the monthly obligations and stress.
Dimsumkid
Thinks s/he gets paid by the post
Wow! They just reported on WBBM 780 radio here in Chicago, we have the 2nd worst # of foreclosures in the country. My agent also mentioned there's a new wave of bank held foreclosures waiting to be unloaded in the very near future too. I'm feeling awlfully lucky to have sold.
