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Re: Debt Free
Old 06-13-2005, 10:06 AM   #21
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Re: Debt Free

Congratulations Helen !!

My wife and I paid off our mortgage last November. We treat it as an extra $ 1000 every month in our pocket rather than the banks. Enjoy your new found freedom owing no one.


384 working days until retirement-- but who's counting.


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Re: Debt Free
Old 06-13-2005, 11:07 AM   #22
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Re: Debt Free

Congratulations, Helen. That is great. Thumbs up.

I hope to join you by the end of 2006.

Diggin' my way to financial freedom, one buck-at-a-time
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Re: Debt Free
Old 06-13-2005, 12:00 PM   #23
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Re: Debt Free

Originally Posted by Ginger
Helen, congrats on being mortgage free.* We paid our mortgage off last August.* *My husband retiring in October.* *I have a question for Martha if she sees this.* Our home is worth more than $500,000 -- so if either of us dies does the exclusion we have to pay taxes on* if we decide to sell the house revert b to $250,000??

The exclusion applies to the PROFIT that you make from the sale of your home.* You take the sales price and subtract the BASIS (purchase price plus improvements) from it.* So even though your house is worth more than $500K, as long as your profit is $250K or less, all of it would be excludable even if one of you dies.


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