Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Re: Debt Free
Old 06-13-2005, 10:06 AM   #21
Confused about dryer sheets
 
Join Date: May 2005
Posts: 5
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.

Paully

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

Paully is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Debt Free
Old 06-13-2005, 11:07 AM   #22
Full time employment: Posting here.
bow-tie's Avatar
 
Join Date: Mar 2004
Posts: 688
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
bow-tie is offline   Reply With Quote
Re: Debt Free
Old 06-13-2005, 12:00 PM   #23
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Debt Free

Quote:
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??
Ginger,

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.

Patrick
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Debt free at last livnlow Hi, I am... 4 10-05-2006 12:23 AM
Debtors' Prisons- Free Marlet Solution to Debt Strapped US Households haha FIRE and Money 8 09-20-2006 08:34 AM
Being debt free is bad? SAHW Other topics 12 09-12-2003 03:51 AM
mortgage versus debt free? dory36 FIRE and Money 20 06-01-2003 04:11 PM
Paying off Debt vs. 401(k) Contributions BigMoneyJim FIRE and Money 4 02-10-2003 10:06 AM

» Quick Links

 
All times are GMT -6. The time now is 12:34 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.