All Forum Posts by: Adam Tutwiler

Looking for some info on getting a house appraised (primary residence) to gain access to equity in order to finish current renovations and start an addition.

Wondering if anyone has any experience with this - would love to hear from an actual appraiser - how is the fact that I'm still actively renovating this home going to effect the appraised value?

I have the kitchen completed and the counter tops are on their way, back splash and trim probably won't be done though. One bathroom is done minus trim and the master bath is just about halfway through the update.
Also I have a back deck that is currently under construction.

Am I shooting myself in the foot getting this done before all these are complete?

I'm already downtown so if anyone gets there before 7 ill be the one drinking alone at the bar...

This meeting still happening with the rush hour weather forecast?

Thanks Bill - that is the tool my Dad used - he's just been out of the game for a while so he wasn't aware that it had changed.
Appreciate the clarification.

Nicole, I'm a newbie on here as well and also in the Denver area.
Be sure to check out the local meetup later this month if you haven't already seen it.
Details are in the local forum.

Thanks for the assistance guys.

After reading a few other articles it looks like this option I mentioned above was taken off the shelf after May 7 1997 which explains my Dads experience.

I guess I'm looking for clarification now on the prorated scenario - being able to deduct a portion of the 250 or 500K exemption if you aren't there a full two years.

The rule states after one year you are allowed to take half of the full allowance but are there any other extenuating circumstances to consider?

This is what I'm referring to - http listed below for full article:

"Most people are not going to have a tax obligation unless their gain is huge," says Bob Trinz, a senior tax analyst at RIA, which provides tax information and software to tax professionals.

Some sellers are surprised by this break, especially if they've been in their homes for a while. That's because before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, more-expensive house within two years. Sellers age 55 or older had one other option. They could take a once-in-a-lifetime tax exemption of up to $125,000 in profits. And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.

Read more: http://www.bankrate.com/finance/real-estate/capital-gains-home-sale-tax-break-a-boon-for-owners-1.aspx#ixzz2PkRX48gO

My Dad did this a couple time in the early 90's and even though they weren't in their house a full two years they used the profit to purchase their next primary residence.

I'm in a similar situation and considering putting the house back on the market this summer to see what happens.
Taking the business aspect out of it if you sell after just one year and reinvest the gains(if any) into your next primary residence your not hit with capital gains tax right?

I lived in Atlanta for the past 11 years and have a rental property there in the Woodstock suburb. Vandalism isn't really a problem there.
The property is going up for sale soon if you would like some details.