Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Massachusetts
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-04-2023, 12:51 AM
 
Location: The ghetto
17,677 posts, read 9,155,986 times
Reputation: 13322

Advertisements

Quote:
Originally Posted by matrix5k View Post
I wonder how often people take lower offers to avoid the 250/500k cutoff.
No reason to accept a lower offer. The 250k/500k exclusion doesn't go away if your profit is above that.

Example:

Couple buys house for 400k. They live there for at least 2 years. They sell it for a million. So the profit is 600k.

They don't owe capital gains taxes on the 600k profit. They would owe capital gains taxes on 100k (600k profit minus the 500k exclusion).

And they can even get that 100k down to a lower amount by subtracting closing costs and any improvements they made.

Again, you don't lose the 250k/500k exclusion...so you'd want to sell for as much as possible.
Reply With Quote Quick reply to this message

 
Old 07-04-2023, 02:22 AM
 
2,710 posts, read 1,729,269 times
Reputation: 1319
Quote:
Originally Posted by redplum33 View Post
No reason to accept a lower offer. The 250k/500k exclusion doesn't go away if your profit is above that.

Example:

Couple buys house for 400k. They live there for at least 2 years. They sell it for a million. So the profit is 600k.

They don't owe capital gains taxes on the 600k profit. They would owe capital gains taxes on 100k (600k profit minus the 500k exclusion).

And they can even get that 100k down to a lower amount by subtracting closing costs and any improvements they made.

Again, you don't lose the 250k/500k exclusion...so you'd want to sell for as much as possible.
Ah okay thanks! So it's kinda like tax brackets for income.
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 06:03 AM
 
16,306 posts, read 8,126,207 times
Reputation: 11332
Default Re

Quote:
Originally Posted by AtkinsonDan View Post
It blows my mind that a 4 bed, 2 bath house with garage is considered too small these days, especially factoring in the low birthrate and its impact on family size.
Human beings suck
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 06:41 AM
 
851 posts, read 416,141 times
Reputation: 852
Quote:
Originally Posted by msRB311 View Post
Human beings suck
The planet's gonna miss us like a headache.
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 07:28 AM
 
9,874 posts, read 7,197,601 times
Reputation: 11460
But as long as you roll it into a new house at a similar price and hold for 2 years, you should be able to escape the capital gains tax.
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 08:27 AM
 
88 posts, read 52,178 times
Reputation: 88
https://www.redfin.com/MA/Woburn/23-.../home/11821799

This is a case study of real estate in this town. A teardown place in Woburn was sold for $600k,,, was listed for $499k. Location played a major role in this unbelievable price (west side close to Lex),,, you are basically in Lex, however your kids don't have access to the school system.

A year later,,, was built and now prices at $1.7m. How much does it cost to build a house like this in 2023? $600k?
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 08:51 AM
 
Location: Massachusetts & Hilton Head, SC
10,007 posts, read 15,647,185 times
Reputation: 8644
Quote:
Originally Posted by Moh1988 View Post
https://www.redfin.com/MA/Woburn/23-.../home/11821799

This is a case study of real estate in this town. A teardown place in Woburn was sold for $600k,,, was listed for $499k. Location played a major role in this unbelievable price (west side close to Lex),,, you are basically in Lex, however your kids don't have access to the school system.

A year later,,, was built and now prices at $1.7m. How much does it cost to build a house like this in 2023? $600k?

Check out the street view...
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 09:00 AM
 
Location: The ghetto
17,677 posts, read 9,155,986 times
Reputation: 13322
Quote:
Originally Posted by Moh1988 View Post
https://www.redfin.com/MA/Woburn/23-.../home/11821799

This is a case study of real estate in this town. A teardown place in Woburn was sold for $600k,,, was listed for $499k. Location played a major role in this unbelievable price (west side close to Lex),,, you are basically in Lex, however your kids don't have access to the school system.

A year later,,, was built and now prices at $1.7m. How much does it cost to build a house like this in 2023? $600k?
Quote:
Originally Posted by CaseyB View Post
Check out the street view...

March 2022 street view: https://goo.gl/maps/oFrFRSZQo3dD29nc9
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 09:00 AM
 
3,586 posts, read 1,816,957 times
Reputation: 1483
Quote:
Originally Posted by CaseyB View Post
Check out the street view...
Similar to examples that have been shared in Burlington.....a mcmansion being put up in a neighborhood of much smaller homes (ranches and capes).
Reply With Quote Quick reply to this message
 
Old 07-04-2023, 09:12 AM
 
88 posts, read 52,178 times
Reputation: 88
Quote:
Originally Posted by redplum33 View Post
I did indeed! Hopefully, it's looking better now after two months of rainy weather
The owners will be referred to as "the aliens" by the OGs of the neighborhood!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Massachusetts

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top