I Sold My House in Dallas

[ARYA]

5 minutes ago, paaparao said:

even primary home too. it is called 1031 exchange.

idigo chaduvuko

https://www.irs.gov/taxtopics/tc701

 

 

 

[akkum_bakkum]

5 minutes ago, paaparao said:

even primary home too. it is called 1031 exchange.

ee vishayam copilot ki kuda seppu...papam thappu chepthundi

The IRS does not allow a 1031 exchange for a primary residence. However, there are exceptions and strategies that can be employed to defer capital gains taxes on a primary residence. Here are some key points to consider:

• Primary Residence Exclusion: Under Section 121, you can exclude up to $250,000 in capital gains ($500,000 if married filing jointly) when you sell a primary residence if you’ve lived in it for at least two of the last five years.
   
• Converting to Rental: You can convert your primary residence into a rental property and then use a 1031 exchange to defer capital gains taxes. This requires establishing investment intent by renting the property for at least 12–24 months.
   
• Documentation: Keep thorough records showing the property was rented, including lease agreements, rental income, and advertising efforts.
   
• Section 1031: If you’ve lived in the property at least 2 out of the past 5 years before selling, you can claim the capital gains exclusion on the portion of the home used as a primary residence.

[paaparao]

48 minutes ago, ARYA said:

idigo chaduvuko

https://www.irs.gov/taxtopics/tc701

 

 

 

whatever man. 

ikkada main point keep bills with in affordable limit ayithe naa lavada lodi sodi. vochi edo pedda lafangi gaadi la edo side point pattukoni veladuthunnavu.

ila velade chala mandi innocents H1b meeda house owners ayyi irukku poyaru. 

 

[ARYA]

10 minutes ago, paaparao said:

whatever man. 

ikkada main point keep bills with in affordable limit ayithe naa lavada lodi sodi. vochi edo pedda lafangi gaadi la edo side point pattukoni veladuthunnavu.

ila velade chala mandi innocents H1b meeda house owners ayyi irukku poyaru. 

 

sandranna lekka sollu seppi malli frustrate itav endi vayya primary home capital gains gurinchi ie roju nerchukunav ga...anyways ne main point gurinchi..offcourse financial management is the primary thing for anyone's success, adi lekapote gudisipovatame adi H1 ina GC ina shitizens ina

[chantigaduUS]

8 hours ago, paaparao said:

short version;

he bought 5 bd house in 2018. it did not appreciate much over the years. but Mortgage EMI became heavy burden on his monthly bills. he could not afford it any more. so he sold house in 2024 for 50k profit on which he has to pay income tax. so at the end, he sees house as luxury. now he downgraded to 4bd 2 bath house, for which his mortgage bill is somewhat manageable if job exists continuously and his job skills relevant in market. 

 

7 hours ago, FrustratedVuncle said:

2018 lo konna home ki 4500 EMI ata. Nammable ledu. Everyone refinanced in covid time to 2.5% interest rates, ante 2018 lo ithagadu =~ 1M home teskunnadu. 2018 lo 1M home ante pedda mansion konnatte. Erri hook script okati rasukochadu, he got few points right tho. 

2018 5bed 4bath 3800sqft home EMI is way cheaper than 2024 4bed 2bath 400k home. Laddu lo logic veedu. 

 

7 hours ago, ARYA said:

you dont need to pay tax upto 500k profit if you live in it for more than 2 yrs 

i know him..athanu cheppina anta ledu.. financial ga baney vunnadu manodu to a level he could pay off the old house.. new house..valla frnds vunnarani move ayyadu anta.. both wife and husband works..so idhi not a case of tight financial situation..edo view kosam alaa

[paaparao]

4 hours ago, ARYA said:

sandranna lekka sollu seppi malli frustrate itav endi vayya primary home capital gains gurinchi ie roju nerchukunav ga...anyways ne main point gurinchi..offcourse financial management is the primary thing for anyone's success, adi lekapote gudisipovatame adi H1 ina GC ina shitizens ina

nee bokka. needi dry fruit mindi ani ikkada andariki telusu le.