And the computer crapped out again, this time the wireless card decided it didn't like working anymore. Mmmm... Whatever. I'm so tired of it.
I got a big comfy new sectional that cost a lot and doesn't go with anything in my house. So I need to take all of my ornate and delicate stuff and sell it and figure out how to decorate around this new thing. It looks like the "mod" or Ikea look would probably go nicely with it, but I'm not so fond of that particular look, so I'm trying to figure something else out for it. I also bought a coffee table at a local consignment store. I was exhausted from running around and buying the sectional and looking at a million things so by the time I stopped there to get the table I just saw one and bought it without looking at it very hard. It was crammed in with a bunch of other stuff. It was $250. I figured a consignment store would look their stuff over carefully and for $250 for a used coffee table I'd be getting something in pretty good shape. Boy was I wrong. I got it home and the previous owners of it must have had a HUGE puppy. The legs on the thing were all chewed to bits. I was so mad and when I called the next day they told me too bad, all sales are final. Fuckers. It was the kind of thing I would not have paid $25 for at a thrift store, dog damage like this is more than a little wood filler can take care of. I was pretty mad. So for the last 4 days I have been sanding and wood filling and sanding and wood filling some more. I have it as good as it is going to get and have stained it. Now waiting for the stain to dry so I can put a coat of poly on it and call it good enough. Now I need a new entertainment center. I want one of those fancy ones that looks like a built in wall cabinet, but I spent a lot on the furniture and will need to wait a month or two to afford the thing I want. Grrr..... That room looks so foolish and I hate having a room that is not pulled together.
In other news, I own a place that is not my residence, in southern California. I jointly own it with my brother. He is in a bad way financially and has expressed a desire to sell it. I'm not opposed to selling it either. The thing I'm concerned about is how much of my share will get eaten up by taxes? The place has gone up in value 2000% since it was purchased. If I sell it, what is my tax liability going to be? DO I need to buy property with it again right away or can I put it into a different investment? I was thinking a mutual fund or something of that nature. If you know what you are talking about, please answer this for me, if you are speculating or don't really know please don't talk out your ass at me. I'm obviously going to talk to a professional about this before I do anything, but I wanted some preliminary information so I can discuss more with my brother about this.
I got a big comfy new sectional that cost a lot and doesn't go with anything in my house. So I need to take all of my ornate and delicate stuff and sell it and figure out how to decorate around this new thing. It looks like the "mod" or Ikea look would probably go nicely with it, but I'm not so fond of that particular look, so I'm trying to figure something else out for it. I also bought a coffee table at a local consignment store. I was exhausted from running around and buying the sectional and looking at a million things so by the time I stopped there to get the table I just saw one and bought it without looking at it very hard. It was crammed in with a bunch of other stuff. It was $250. I figured a consignment store would look their stuff over carefully and for $250 for a used coffee table I'd be getting something in pretty good shape. Boy was I wrong. I got it home and the previous owners of it must have had a HUGE puppy. The legs on the thing were all chewed to bits. I was so mad and when I called the next day they told me too bad, all sales are final. Fuckers. It was the kind of thing I would not have paid $25 for at a thrift store, dog damage like this is more than a little wood filler can take care of. I was pretty mad. So for the last 4 days I have been sanding and wood filling and sanding and wood filling some more. I have it as good as it is going to get and have stained it. Now waiting for the stain to dry so I can put a coat of poly on it and call it good enough. Now I need a new entertainment center. I want one of those fancy ones that looks like a built in wall cabinet, but I spent a lot on the furniture and will need to wait a month or two to afford the thing I want. Grrr..... That room looks so foolish and I hate having a room that is not pulled together.
In other news, I own a place that is not my residence, in southern California. I jointly own it with my brother. He is in a bad way financially and has expressed a desire to sell it. I'm not opposed to selling it either. The thing I'm concerned about is how much of my share will get eaten up by taxes? The place has gone up in value 2000% since it was purchased. If I sell it, what is my tax liability going to be? DO I need to buy property with it again right away or can I put it into a different investment? I was thinking a mutual fund or something of that nature. If you know what you are talking about, please answer this for me, if you are speculating or don't really know please don't talk out your ass at me. I'm obviously going to talk to a professional about this before I do anything, but I wanted some preliminary information so I can discuss more with my brother about this.
VIEW 7 of 7 COMMENTS
zpo:
Oops... I left out "understand the possible capital gains tax consequences of real-estate sales when it isn't your principal residence".
deny:
I'm not sure if it is the same everywhere but, if you sell your residential property you have to purchase another property in order to avoid paying taxes. That's here though, so I'm not sure if that is the law in every state.