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Old 11-16-2022, 10:27 AM
 
21,884 posts, read 12,943,092 times
Reputation: 36895

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Quote:
Originally Posted by jackmichigan View Post
...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.
OMG. It's the IRS's definition of an RV as a primary residence for any purpose.

We all agree that he should ask the IRS to be sure. But he was asking here, so there's an Internet answer for him.

Is the horse dead yet?
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Old 11-16-2022, 10:44 AM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
wow, a lot of mistaken conclusions. She knew I didnt like Philly and thought I'd be happier here. Only halfway decent lakefront we could find was somewhat in range at lower rates. Build costs and 100% rate hike changed all of that. Issue now is she loves the lake, I like it but hate payment

Quote:
Originally Posted by otterhere View Post
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.
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Old 11-16-2022, 10:56 AM
 
21,884 posts, read 12,943,092 times
Reputation: 36895
But you don't like it; you'd rather have Philly. You're complaining (on two forums) about the isolation and loneliness of lake life. Just tell her.
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Old 11-16-2022, 11:04 AM
 
8,575 posts, read 12,398,483 times
Reputation: 16527
Quote:
Originally Posted by otterhere View Post
OMG. It's the IRS's definition of an RV as a primary residence for any purpose.

We all agree that he should ask the IRS to be sure. But he was asking here, so there's an Internet answer for him.

Is the horse dead yet?
"Answers" gained through the Internet can be problematic. That's why I cautioned the OP not to jump to the same conclusion that you seem to have made. The main reason being that an RV, unless attached to the land, is not real estate. But we do agree that he needs verification. NEIGHHHHH
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Old 11-16-2022, 11:16 AM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
I will say I would advise city folks to visit the country for more than a week before making a move..

Quote:
Originally Posted by otterhere View Post
But you don't like it; you'd rather have Philly. You're complaining (on two forums) about the isolation and loneliness of lake life. Just tell her.
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Old 11-16-2022, 11:53 AM
 
24,488 posts, read 10,815,620 times
Reputation: 46779
Quote:
Originally Posted by lpranger467 View Post
wow, a lot of mistaken conclusions. She knew I didnt like Philly and thought I'd be happier here. Only halfway decent lakefront we could find was somewhat in range at lower rates. Build costs and 100% rate hike changed all of that. Issue now is she loves the lake, I like it but hate payment
I would not call it dilemma but disaster.
You keep repeating yourself over and over. The slightest hick up and your house of financial cards is running out of foundation if your wife loves the lake or not.
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Old 11-16-2022, 12:25 PM
 
Location: Queen Creek, AZ
219 posts, read 176,455 times
Reputation: 686
Out of curiosity, is it Torch Lake? I can't think of another lake that would cost that much just for lakefront property. Maybe Lake Michigan, but I doubt it.
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Old 11-16-2022, 12:38 PM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
Lol, yep Torch. Awesome lake, wont lose money but dont want to be house poor

Quote:
Originally Posted by WanderingRebel View Post
Out of curiosity, is it Torch Lake? I can't think of another lake that would cost that much just for lakefront property. Maybe Lake Michigan, but I doubt it.
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Old 11-16-2022, 01:36 PM
 
5,969 posts, read 3,711,573 times
Reputation: 17019
Let's not lose sight of the OP's main goal which is, as I understand it, to finish out this new house and sell it and go somewhere that is more affordable to him and his wife. Yes, income taxes are an important consideration, but let's keep a couple of points in mind.

First, any profit that he made on his previous house is a moot point as far as this new place is concerned. The old law about "rolling over" the gain from your old house to your new house was changed in 1997.

Second, the OP's primary concern is to not lose his A$$ on the house he's building now. Taxes will only become a consideration on this new house IF he makes a profit on the sale of it. In my opinion, that's a mighty big "IF". My thinking is that he will be lucky indeed to come close to breaking even.

It's only if he actually makes a profit on the sale of this new house, that taxes even come into play. In that regard, it's my opinion that if he owns the lot and occupies it as his "primary residence" whether in a tent, a motor home, or a site-built house, then he will owe no taxes as long as he has owned and occupied the lot as his primary residence for a minimum of 2 years.

Note: For tax purposes, I'm assuming that he and his wife won't make over $500,000 profit in the sale of the new house. I think that's a pretty safe assumption. As I said, he'll be lucky if he doesn't lose that thing that he sits on... and I don't mean his sofa.
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Old 11-16-2022, 01:42 PM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
I think the only thing that will save us is buyers on Torch Lake are mainly cash buyers from out of state. That is a consideration though as that if I sell too quickly then buyers will take advantage of the RE slump and lowball us,,but if I hold on too long my QOL suffers.

I'm screwed either way, should have stayed in Philly with folks who were rough around the edges.

Quote:
Originally Posted by Chas863 View Post
Let's not lose sight of the OP's main goal which is, as I understand it, to finish out this new house and sell it and go somewhere that is more affordable to him and his wife. Yes, income taxes are an important consideration, but let's keep a couple of points in mind.

First, any profit that he made on his previous house is a moot point as far as this new place is concerned. The old law about "rolling over" the gain from your old house to your new house was changed in 1997.

Second, the OP's primary concern is to not lose his A$$ on the house he's building now. Taxes will only become a consideration on this new house IF he makes a profit on the sale of it. In my opinion, that's a mighty big "IF". My thinking is that he will be lucky indeed to come close to breaking even.

It's only if he actually makes a profit on the sale of this new house, that taxes even come into play. In that regard, it's my opinion that if he owns the lot and occupies it as his "primary residence" whether in a tent, a motor home, or a site-built house, then he will owe no taxes as long as he has owned and occupied the lot as his primary residence for a minimum of 2 years.

Note: For tax purposes, I'm assuming that he and his wife won't make over $500,000 profit in the sale of the new house. I think that's a pretty safe assumption. As I said, he'll be lucky if he doesn't lose that thing that he sits on... and I don't mean his sofa.
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