I want to sell my house in MN and move down. If so will I owe MN taxes as well as Nevada taxes and Fed taxes? Wondering if it is worth it to sell out and move to Nevada...
128310
That's good advice about gambling.  I moved to Vegas a few years ago and will probably retire here, but I don't gamble.  The weather and lifestyle are great, and it's a smaller town than places like Phoenix and Los Angeles.  Real estate prices have gone up significantly in the last few years, but seem to have slowed down a bit lately.  The cost of living is not too high compared to other major cities.  \n\nYou may be able to exclude the gain on your house from federal taxable income, and that may protect you in MN as well; you should consult a tax advisor.  Nevada does not have a state income tax, though we do have a significant sales tax as well as taxes on real and personal property.  The gambling and hospitality industries do bring in enough revenue to keep personal taxes bearable.\n\nIn your position I would focus on two words:  NO SNOW.
241359
Unfortunately, you can only roll it over into another investment property (Like-kind exchange)  Applying it to your residence will not work.  You have sixty days (before or after the closing) to identify another property and 180 days to close on it.  If you held the property for investment (say yes) and held if for over 12 months, you will pay tax on it at the lower capital gains rates. If you held it for less than 12 months, it is considered ordinary income and is taxed at your regular rate.  If it is less than a year, see if the buyer will wait until the year is up.  Give them soem money back at closing to compensate them for waiting.  It could be worth your while.  To see what the tax might be, use your tax software to estimate what your tax would be.  Sorry to hear about the medical problem, I hope everything works out.  Also, ANY profit is a good profit!!!!!
470218
If you were told that your payments would not change, I can only assume that yor plan is being paid pro-rata. This means only a portion of your unsecured debts are being paid back. This is usually due to the debtor (you) having a low income, and/or little equity in property. Depending on the equity available in your house, the payoff the court receives will probably not result in a full payoff of your debts.\nTrust me, if the full 100% of your debts gets paid by the sale of your home, your case will be concluded and you will not have to continue paying.\nWhat is the homestead exemption in your state? Keep in mind that you will be entitled to that exemption, and will receive that money from the sale of your home. In NY this exemption is $50,000. ask your attorney about that exemption.\nIf YOU sell your home, and you think that you will get enough money to payoff the BK, simply request a payoff figure from you trustee. At closing, the trustee is cut the check, and your bk is concluded.\nIf you surrender to the court and let them sell it off, they will do the same thing, but there WILL be more fees added due to the expenses the court incurs while selling the home.\nGood Luck, and please be sure to consult your attorney.
463222
There are employers who offer a relocation allocation if the person moves, but it is not always the case with every single job. However, in some circumstances, the federal government offers a tax credit in some circumstances of a move for a job, but you have to check with your accountant with it. Unfortunately, unless your friend gets specific about the one for college other than telling you there is one out there, I do not know of any.
429557
Yes, they are.  So are a lot of other things.  Basically, your "gain" is your selling price, minus your purchase price minus upgrades and improvements, minus purchase fees, minus selling fees...basically minus anything that you weren't able to claim against your taxes like mortgage interest and RE taxes.\n\nBut, please, don't take my word for it.  Everything you ever wanted to know about selling your house is at the IRS link attached.\n\nCongrats big time on having such a nice gain!
636449
Great point TaxGuru... great answer too.\n\nI'm referring to the fact that you might have depreciated the property and refinanced the property (taking cash out) over the years.  You might have only paid off your liens, but still received funds in excess of your adjusted basis.\n\nCalculating your real estate gain takes into account a number of factors.  Your original purchase price could have easily been much lower than your present liens.  Although you wouldn't have had to pay gains tax when taking cash out, you would have to account at the time of sale/title transfer.\n\nI've been working on my 1031 exchange real estate site, and should complete the site by July 4th.  Many of the functions are up and running.. you can calculate your capital gain here:\nhttp://www.1031store.com/resources/1031_capital_gains_calculator.php\n\nAlso, the site will have a place where you can search for professionals who will be able to help you... notably accountants(1031 exchanges are about deferring capital gains).\nhttp://www.1031store.com/experts/1031_exchange_experts.php\n\nI hope that you do not owe anything because this sounds like a tough situation.  Your foreclosure expenses probably ate up an awful lot of your potential gain.  You might want to also contact a real estate attorney to make sure that you are getting a fair shake.\n\nHope that this helps...
204282
I just spoke to the principal of an international school about this last week.  His school has worked out a Roth with an office that is in a U.S. territory nearby.  The tax is prepaid so there's no tax or penalty paid at retirement.  Email a investor in the Mainland to see what they can offer.  Some offices are just ignorant of the law, as most folks are for most things like voting, taxes, shipping things to people who are abroad.  You may want to email an investment group someplace like the Virgin Islands, Guam, Puerto Rico...  They're more familiar with policies and retirement programs for Americans living outside the Mainland.
278190
If your in the military, and living in AZ, you may have to do both, unfortunately, but how long have you lived in AZ? if its over 6 months you are a resident of AZ, And your taxes should go to AZ. but you really need to go talk to someone on the base, There is different laws for the military.Good Luck! And Semper Fi, I'm a former Marine and it always confused me.
668590
Dude, best of luck. I have no money but some advice.\n\nGive people numbers. Find out how much money you need, how much a house would sell for in NM, and how much total money an investor could make with you. With those numbers, you'll have plently of investors.\n\nDon't forget, investors want to know risk vs. return. The lower the risk and the higher the return, the more investors will come to you if you give them the numbers.\n\nGood Luck
329994
Sounds like you should go to CO. If the wife and kids want to go and your going to make a lot more money there should be no question. As far as your house goes, you have a couple options. You could put it on the market, but as you said it will most likely sit for a long time. Or you could lease it out and apply the money you make to a new investment in CO. Whichever way you look at it you need to realize that your house in AZ is most likely less desirable a location than where you would be living in CO. If you stay in your house in AZ and the market continues to go down (which it will), you can kiss your 90k goodbye (when the market goes down , salaries do not go up especially double) and you can kiss your nice life in CO goodbye because you will be sitting on a house that is not worth what you owe on it and you will be trapped. It's going to be a hard decision, but if it was me I would definitely go. You don't want to get stuck in blazing AZ especially when you come from beautiful CO. Good luck with your choice.
659656
I live in Virginia, but here's a little I have found.\n\nHave relatives in Georgia.  Brother and sister-in-law love it, their children looking to go elsewhere, if they can.  I've only visited Atlanta and Albany, so can't personally get a true picture of life there.\n\nNorth Carolina, I've visited a lot of the region in the western part of the state, near the Tennessee border.  Scenic, moderate climate except in the highlands around Boone.  Brief visit to Charlotte.  The Research Triangle area well known to be driving R&D development.  State seems progressive in their vision, transporatation system improving.\n\nA little about taxes I found from link listed below:\nState income tax rate\nGA 1.0 - 6.0% in 3 brackets\nNC 6.0 - 8.5% in 4 brackets, rates scheduled to be reduced in 2007\n\nState sales tax\nGA state 4% local 3% = 7% total - groceries exempt\nNC state 4.5% local 3%= 7.5% - groceries exempt from state portion, local is optional\n\nReal estate transfer rates\nGA $1 for 1st $1,000 consideration, $.10 for each additional $100, making rate of .10%\n2004 revenue generated $420,000\n\nNC $1 per $500 consideration, 51% of revenue stays at local level, rate is .20%\n2004 revenue generated $54,940,000\n\nNow of this last comparison, I was struck by the wide difference in revenue generated.  With NC rate being twice that of GA, the revenue generated was over 100 times the amount of GA.\n\nEither NC real estate valuation is much higher or there was not much real estate transfer in GA in 2004.\n\nHope this information helps, and good luck in your move!
549105
Sorry to hear of your situation...maybe try a refinance to lower the payment? Try to sell it and pay that mortgage, maybe you can even turn a profit. You're going to lose it anyways so try to keep your name clear and maybe make money too.\n\nDon't just lay down man, FIGHT!\n\nYour tax...The tax is usually for the whole year and it depends on what their accounting dictates. Yes, you will be liable for the portion of property tax for the period you are on the title, the bank will owe the remainder if any. Many states send a bill in the sixth month of the year for the whole year so you may owe the previous six months plus the 3 more in foreclosure.\n\nGood luck, I wish you well\n\nMike
55045
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
151930
Actually it turns out recently that the value of mobile homes have not gone down as quickly as in the past.  It also allows you to possible buy the land that it is on.  You can also deduct the interest from your income tax.  \n\nIt is better to buy a stick built home if you can to have it appreciate in value, but who can afford it today?
141658
Your creditors can easily seize your land and besides, you'll lose it anyway since you won't pay the taxes.\n\nUse the pay to live on while you find a better job. Invest in yourself. You sound like you need to get your head screwed back on straight.
666823
You have to pay taxes on gains over 250K for an individual or 500K in your case. In calculation of the gains you can also deduct all the improvements you made.\n\nYou do not have to pay any taxes if you lived in the house for over two out of five years prior to it's sale and your gains are less then stated above. So, sell now, and good luck.
437576
It does not matter where you work.  Whatever entity you set up, you will wish to take profits out of the business to live on, right?  In that case, you will have to pay NY taxes becaus that is where you live.  Remember, not all free advice is worth the money!  (Think about it.)\n\nYou should consult with a NY CPA, who will be able to advise you best.  Do not rush to a low-tax jurisdiction without considering the effect on your own personal return.  Ultimately, that is the bottom line.