All Forum Posts by: Thomas Hart

Quote from @Dave Foster:

@Thomas Hart, you can take $250K on each house (his and hers).  Or you can take $500K on one house if you both lived in it for two years.  But you cannot take both unless there is two years in between sales.  The best way to handle this would be for the owner of the house you did not move into as a married couple to sell now and take $250K profit tax free.  Two years from now you'll be able to sell the one you're in now and take the full $500K.

It is a two part test - ownership and residency.

So we didn’t move to the other one. Neither of us lived in each other’s houses. We moved to a third property after we met. So both of these became rentals prior to us living together. It’s odd that this seems to be a case of us getting married actually became detrimental to our tax situation. If we had stayed single based on what both of you are saying we would have been able to take both exemptions. 

Quote from @Chris McCormack:

The exclusion has a look back period of 2 years meaning if during that two year period you did not sell another home you qualify. If you did sell another home and took the exclusion you won't qualify. So when you sell the first property, the second property is then disqualified.

A good tax advisor will help you strategize, happy to talk through any questions.

 So if we file married but separately we can’t both use the 250k on two properties? I’ve heard from one cpa that it can be done as we were single when we acquired them and both satisfied the 2 year requirement individually. 

I’m available to chat if that’s easier also 

So the situation is my wife and I both owned houses before we got married and I believe we both would meet for two out of the last five year resident test. Can we both use 250 K exemption on our individual properties that we are now selling? If we file married but filing separately? Is there anyway anyone else knows to use 500,000 exemption on two properties? I have consulted professional tax advice and I believe I am being given incorrect information

what about a lender that will lend equity lines on investment property? I've been running into a lot of people saying 60 or 70 max on those. I'd like to get to 80%. Any thoughts?

Does anyone know of anyone that I can work with for purchase of rentals that portfolios their loans?  Id prefer to look at a lender that will allow Lines of credit to be used for down payment and most of the Fannie/Freddie guys will not.  Im wondering if there are any credit unions or smaller banks that will lend this way.  In Sacramento California area.  Thank you.

I need a software or excel format for a quad that me and a partner are going to buy.  Anybody got anything they use?  I want to be able to track expenses and deposits. 

Does anyone have a referral for a good commercial lender in Georgia for multi family?

I live in CA. My partner lives in Oregon. We are buying properties in Georgia and Indiana Where should we form are business entity?

I'm trying to go in on a deal with a real estate agent in another state. He has a client that wants to sell an investment property town home as quickly as possible. Based on zillow prices we have an accepted offer at 75 ltv. He is trying to move the deal as quickly as possible and I want to have a company formed first. Which is the better way to proceed?

I am looking into how I can become more legitimate on paper. Id like me and one of my business partners to have email address's that reflect our business name as I believe for the low cost involved that the benefit of seeming more professional than we perhaps are is well worth it. Anyone had a similar thought to this? Id imagine google web hosting would be a good way to go on this. Thank you.