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Old 03-19-2008, 07:44 AM
 
32 posts, read 92,732 times
Reputation: 17

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Hi
Myself and Family will be moving to the Tampa Bay area in Aug/Sept and have a few Question's that we hope someone can advise on.

A small bit of background first.
I am a US citizen and have lived most my life in Ireland. So I just had to apply for my wife and young son's immigrant visa's.

We went over in 2004 for 8 months to check out a few things like work,cost of living, humidity etc;. We were living near the Clearwater mall.
But are thinking about buying somewhere around Tarpon/Trinity/SR54.

Q1 For anyone who has sold there Main residence and moved.
Regarding Tax. When you got the Money/Check for selling your house and put it in the Bank. Did you have to file any Tax form to say where the large amount of money came from?

Q2 For anyone who has move over from Ireland/UK/Europe
What is the best way of moving a large amount of money over.
Bank/wire transfer?

Q3 We will be sending our young son to a local public school.
What are the costs involved?
Does it depend on Bus pick up. If yes what is the cost of the Bus.

Thanks

Any Advice on these Questions would be of great Help.
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Old 03-19-2008, 09:53 AM
 
13,772 posts, read 35,161,590 times
Reputation: 10629
I can answer a few of your questions..

Schools do not charge for bus pickup/dropoff.

Here is the info on Federal tax if you make a profit from your home.
Selling a Home - TurboTax

Do I Have to Pay Taxes on the Profit I Made Selling My Home?
It depends on how long you owned and lived in the home before the sale and how much profit you made. If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax free. If you are married and file a joint return, up to $500,000 of the profit is tax free if you meet the ownership and residency tests. The law lets you "exclude" this much otherwise taxable profit from your taxable income. (If you sold for a loss, though, you cannot take a deduction for the loss.)

You can use this exclusion every time you sell a primary home, as long as you owned and lived in it for two of the five years leading up to the sale and haven't sold another home in the last two years.

Last edited by Keeper; 03-19-2008 at 09:57 AM.. Reason: edit
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Old 03-19-2008, 10:15 AM
 
41 posts, read 187,905 times
Reputation: 14
Default Answer...

I sold my home in Florida 4 years ago and deposited a large amount in the bank - and didn't have to fill out any forms. However, I believe the banks are required to report anyone to the gov't who deposits over a certain amount, which I think is $10,000 or more. So they could investigate that. (If they investigated me I had no knowledge of it!)

Good luck on your move! Do you have a job already?
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Old 03-19-2008, 01:06 PM
 
849 posts, read 3,282,153 times
Reputation: 199
Smile Q3

you have been away for a long time
Public schools here mean "free" paid for with taxes. There are no "official" costs even for the bus but I understand there are always fund raisers, at least in some places and you DO have to pay for supplies although not books. It doesn't matter if you are not a "landowner" because your rents will reflect a proportion of property taxes the landlord has to pay based on how much of a property you occupy. i.e. on an apartment it is a percentage but a house would be the entire thing so the portion of rent that goes to taxes is proportional. It's not that bad, don't let me scare you, whatever your rent budget, whatever you find for that, that's it, no extras except maybe utilities.


Quote:
Originally Posted by Pigeon1916 View Post
Hi
Myself and Family will be moving to the Tampa Bay area in Aug/Sept and have a few Question's that we hope someone can advise on.

A small bit of background first.
I am a US citizen and have lived most my life in Ireland. So I just had to apply for my wife and young son's immigrant visa's.

We went over in 2004 for 8 months to check out a few things like work,cost of living, humidity etc;. We were living near the Clearwater mall.
But are thinking about buying somewhere around Tarpon/Trinity/SR54.

Q1 For anyone who has sold there Main residence and moved.
Regarding Tax. When you got the Money/Check for selling your house and put it in the Bank. Did you have to file any Tax form to say where the large amount of money came from?

Q2 For anyone who has move over from Ireland/UK/Europe
What is the best way of moving a large amount of money over.
Bank/wire transfer?

Q3 We will be sending our young son to a local public school.
What are the costs involved?
Does it depend on Bus pick up. If yes what is the cost of the Bus.

Thanks

Any Advice on these Questions would be of great Help.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-19-2008, 01:21 PM
 
32 posts, read 92,732 times
Reputation: 17
Thanks for the quick replies.
Good to hear that the schools do not charge for the bus pick up/drop off.
I was beginning to wonder what the huge property tax paid for.

It is also good to hear that I can put the money in the bank and take some time on choosing the right house as I pass the Ownership: You must have owned the home for at least two years (730 days or 24 full months) during the five years prior to the date of your sale.

On the Job front. When I was there in 2004 I got a Job with a good company and have kept in touch. So I am keeping them informed of the moving process and they asked me to go back with them either Permanent or contract. So it will be nice to hit the ground running.
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