Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [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)
Reply Start New Thread
 
Old 11-16-2022, 09:23 AM
 
Location: Chicago area
18,757 posts, read 11,789,085 times
Reputation: 64156

Advertisements

Question OP. Have you sat down with your wife and shown her in black and white what it would take for her to maintain the house if something were to happen to you? Can she afford to stay there? Or vice versa if something happens to her. Do you control the finances? Sometimes a reality check is needed if one side doesn't look at the numbers.

Every decision we've ever made as a couple was based on that premise. We've always believed in living below our means. There's no stress that way.

It sounds like you have enough money to afford the mortgage, but it also looks like if something happened to either one of you, that might not be the case.

You have to decide as a couple how much you want to gamble. Good luck.
Reply With Quote Quick reply to this message

 
Old 11-16-2022, 09:33 AM
 
11,175 posts, read 16,010,330 times
Reputation: 29925
Quote:
Originally Posted by otterhere View Post
Retirement is the time to spend and enjoy the money you built and saved over the years; not the time for investing. Sounds like you and wife are on two different pages. Marriage counseling! It's clear that you really do NOT want to live there...
You need to look in your bathroom mirror and repeat the bolded phrase five times.

And then continue to do so daily until the message sinks in.
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 09:34 AM
 
21,884 posts, read 12,943,092 times
Reputation: 36895
Quote:
Originally Posted by MadManofBethesda View Post
You need to look in your bathroom mirror and repeat the bolded phrase five times.

And then continue to do so daily until the message sinks in.
Yes; I'm aware! Old habits die hard.
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 09:46 AM
 
8,575 posts, read 12,398,483 times
Reputation: 16527
Quote:
Originally Posted by otterhere View Post
The article says (if you scroll down, as I instructed) that the IRS considers an RV - or even a boat - a primary residence if you use it as such, it's your legal address, and the unit has a kitchen, utilities, and a working bathroom. Therefore, it should count toward his two years, which was his question.
Yes, an RV can count as a primary residence, which can be beneficial in certain tax situations. However, since the RV is not attached to the land, does that "primary residence" status transfer to the land and the building under construction? That is the question. The OP should be careful not to jump to conclusions.

Now, if he were to sell the RV and have a capital gain, that might be different (yet highly unlikely with a depreciating asset).
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 09:53 AM
 
21,884 posts, read 12,943,092 times
Reputation: 36895
I would definitely check with the IRS, but the article seems to indicate that the answer is yes.

Now for my question: if you both like Philly, what are you doing on a lake in Michigan; whose idea was this and why?
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 10:05 AM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
Sorry all, was at work and just getting back to this.

Wife (of 30 years by the way) has a best friend in northern Michigan who she visited summer before last at which point she called and said she wanted to move back to Michigan. We had lived in lower (Detroit suburbs) up until 2014 then moved to Philly for her job. I didnt care too much for Philly people (found them kinda rude) but I did like the city feel. She is a flight attendant so she doesnt have to live in base (Philly) so when she suggested moving I was ok with it.

We never really planned on getting such an expensive place, but it was what was available and when we bought rates were in the low 3's so we figured once we did construction we would refi and the mortgage would be high, but still somewhat in our budget. Since 2 things have changed, rates of course are very high and we cant lock in a mortgage til we are 100% done. Our current 4.75% is good for 7 years on our construction loan. Secondly I didnt realize the isolation I would feel being in a rural area, I figured it would be peaceful but honestly its too peaceful.

Quote:
Originally Posted by otterhere View Post
I would definitely check with the IRS, but the article seems to indicate that the answer is yes.

Now for my question: if you both like Philly, what are you doing on a lake in Michigan; whose idea was this and why?
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 10:05 AM
 
8,575 posts, read 12,398,483 times
Reputation: 16527
Quote:
Originally Posted by otterhere View Post
I would definitely check with the IRS, but the article seems to indicate that the answer is yes.
I saw no indication of that from the article. It was mostly talking about treatment of interest on RV loans--not about whether an RV and the land upon which it may be parked would qualify as a principal residence for purposes of excluding capital gains upon a sale of that land (with a building which is being constructed to subsequently serve as the principal residence). It certainly deserves further investigation.
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 10:11 AM
 
8,575 posts, read 12,398,483 times
Reputation: 16527
Quote:
Originally Posted by lpranger467 View Post
Sorry all, was at work and just getting back to this.

Wife (of 30 years by the way) has a best friend in northern Michigan who she visited summer before last at which point she called and said she wanted to move back to Michigan. We had lived in lower (Detroit suburbs) up until 2014 then moved to Philly for her job. I didnt care too much for Philly people (found them kinda rude) but I did like the city feel. She is a flight attendant so she doesnt have to live in base (Philly) so when she suggested moving I was ok with it.

We never really planned on getting such an expensive place, but it was what was available and when we bought rates were in the low 3's so we figured once we did construction we would refi and the mortgage would be high, but still somewhat in our budget. Since 2 things have changed, rates of course are very high and we cant lock in a mortgage til we are 100% done. Our current 4.75% is good for 7 years on our construction loan. Secondly I didnt realize the isolation I would feel being in a rural area, I figured it would be peaceful but honestly its too peaceful.
Since you have some Michigan roots it's more understandable why you chose to locate in northern Michigan. I used to think seriously about moving north but, even though I love the outdoors, I always figured that I'd get a little bored up there. There are other urban places to consider besides Philly.
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 10:14 AM
 
21,884 posts, read 12,943,092 times
Reputation: 36895
Quote:
Originally Posted by jackmichigan View Post
I saw no indication of that from the article. It was mostly talking about treatment of interest on RV loans...
The PARAGRAPH in question addresses conditions under which the IRS considers an RV a primary residence.

What the ARTICLE is primarily about is irrelevant.

OP, it sounds like your wife wears the pants and makes the decisions (this one sounds like an impulsive whim inspired by a visit) and that you might be a little afraid of her. Just tell her you changed your mind, for all of the above reasons, and don't want to live there after all.
Reply With Quote Quick reply to this message
 
Old 11-16-2022, 10:23 AM
 
8,575 posts, read 12,398,483 times
Reputation: 16527
Quote:
Originally Posted by otterhere View Post
The PARAGRAPH in question addresses conditions under which the IRS considers an RV a primary residence...
...which may affect how interest may be treated for tax purposes. My main point to the OP is simply to not jump to any conclusions about this.
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

Quick Reply
Message:


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 > General Forums > Real Estate
Similar Threads

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