In Pennsylvania Senate race, $1 homes are all the rage

[WorldWatcher]

Isn't that a one time thing? First home sale?

My understanding is not anymore, I do believe that is the way it used to be but somewhere along the lines requirements changed.

Two pertinent ones are:

• It must have been your primary residence for 24 mounts out of the last 5-years.
• You cannot have sold another property for which you have claimed the exception within 24 months from the date of sale.
• You can now claim the exception more than once, but there are limitations with the two above being the timing restrictions.

WW

(DISCLAIMER: I'm not a lawyer or a tax professional. I'm a homeowner that has reviewed this since we may be selling our larger house in the next couple of years. After owning the home for 20+ years we are likely to see significant profit, but less than the $500K threshold.)

 

[Correll]

My understanding is not anymore, I do believe that is the way it used to be but somewhere along the lines requirements changed.

Two pertinent ones are:

• It must have been your primary residence for 24 mounts out of the last 5-years.
• You cannot have sold another property for which you have claimed the exception within 24 months from the date of sale.

WW

(DISCLAIMER: I'm not a lawyer or a tax professional. I'm a homeowner that has reviewed this since we may be selling our larger house in the next couple of years. After owning the home for 20+ years we are likely to see significant profit, but less than the $500K threshold.)

Mmm, good to know. I have used the one time break already. Selling again, is certainly on the table. The wife is thinking of BUILDING the next one.

 

[WorldWatcher]

Mmm, good to know. I have used the one time break already. Selling again, is certainly on the table. The wife is thinking of BUILDING the next one.


View attachment 703522

Kudo's to your wife on having the skills needed to build a new house.

(j/k)

Publication 523 (2021), Selling Your Home | Internal Revenue Service

www.irs.gov

Link in case you want to review, feel free to correct me if I'm wrong.


WW

 

[Magnus]

This is a non-issue. It happens all the time in shithole blue cities that have been turned into war zones by DemoKKKrat policies. They sell the houses for $1 so the city doesn't have to spend money tearing them down. Guess what, though? Your property taxes won't be based on a value of $1 (of course).

I could educate you but what's the use? You are a retard and will remain as one.

 

[hadit]

Republican candidate and celebrity doctor Mehmet Oz has been living with his wife at his in-laws’ home near Philadelphia as he wages his campaign to win Pennsylvania’s crucial U.S. Senate race.

The Oz campaign says he’s residing there while the nearby home he bought for $3.1 million in December of last year is renovated. And, during a recent back-and-forth with his opponent, Lt. Gov, John Fetterman, over which candidate is more out of touch with the average voter, Oz took a jab at the Democrat for having purchased a home from a family member for $1. Allegheny County records show Fetterman did buy a Braddock property for $1, and that the value of that property is now $238,200.

In one tweet attacking the purchase, Oz writes, “Only in John Fetterman’s world can you go house hunting and get a home for $1.”

But it turns out that is possible in Oz’s world too. An NBC News property records search showed that the candidate’s mother-in-law, Emily Lemole, also bought her home in the Bryn Athyn neighborhood for $1 in August of 2000. The appraised value of that home currently stands at $509,820.

In Pennsylvania Senate race, $1 homes are all the rage

After attacking John Fetterman for buying his home from a family member, the Oz campaign defends its candidate's own arrangement.

www.nbcnews.com

Well, now, if politicians' family members are fair game and cause scandals for the politicians...

 

[AZrailwhale]

WTF does it matter what Oz' mother-in-law does?

Maybe she bought it at a tax auction and fixed it up?

I know there are cities like Detroit that will sell houses for a dollar if the buyer commits to fixing it up. There was even a show on HGTV about a woman who did that for a living a few years ago. I don't know if that was the case about Oz's MIL but I'm sure there is more to the situation than Fetterman buying a house from his sister for a dollar then charging his parent rent to live there.

 

[marvin martian]

I could educate you but what's the use? You are a retard and will remain as one.

You couldn't educate my balls, loser.

 

[Magnus]

You couldn't educate my balls, loser.

You have balls? I always thought you were a eunuch. You write like one. Who knew?

 

[AZrailwhale]

Isn't that a one time thing? First home sale?

It's a one-time exemption, it can be taken at any time.

 

[WorldWatcher]

It's a one-time exemption, it can be taken at any time.

Publication 523 (2021), Selling Your Home | Internal Revenue Service

www.irs.gov

Not anymore, I believe it used to be that way. Now the IRS applies a lookback provision and you can only claim it once every two years.

WW