Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Re: Renting You House to Go Abroad a Few Years?
Old 06-02-2005, 07:34 AM   #21
Recycles dryer sheets
Join Date: Oct 2004
Posts: 325
Re: Renting You House to Go Abroad a Few Years?

(Erratum) Yakers, your are right. *The right context of the Quote is from"Me and Bobby McGee' by Big Brother as belted out by the late Janis J. * I was attempting to paraphrase Dylan, from Like a Rolling Stone. It should have stated: *"When you ain't got nothin, you got nothin to loose...." *Leave it to me to attempt but fail at literary reference. *But, there are many of us ER's that have less than perfect recollection of the late 60's, but I do know I had a great time. *8)
LEX 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 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: Renting You House to Go Abroad a Few Years?
Old 06-02-2005, 09:50 AM   #22
Moderator Emeritus
Nords's Avatar
Join Date: Dec 2002
Location: Oahu
Posts: 26,837
Re: Renting You House to Go Abroad a Few Years?

Originally Posted by Martha
Even if they go back to living in the house, they still have to pay taxes on the recapture of depreciation, even if they live there 2 out of 5 years.* But the rest of the gain is sheltered (up to 500,000).
I've always wondered how that's tracked. The longer they live in the house after returning to it, the less likely anyone is to remember depreciation capture. (Least of all the CPA doing the taxes.) I guess that's what TurboTax is for.

I thought the depreciation would bring the house down to a new basis, and gains on that basis would be sheltered up to $500K. But I bet reading about the rules makes one decide that 1031 exchanges are "simpler"...

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Buy my first house? Deetso Young Dreamers 21 02-22-2007 01:33 PM
Own a house versus renting; expenses obryanjf FIRE and Money 42 09-23-2006 04:01 PM
Thoughts about a house wabmester Other topics 32 04-03-2006 09:57 AM
Years - or months - to go? Sheryl Young Dreamers 11 02-28-2006 07:40 AM
$50 a day? No way! patnbj FIRE and Money 112 01-30-2004 08:21 PM

» Quick Links

All times are GMT -6. The time now is 06:48 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.