Thinking about moving to the gorge...

pdxmonkeyboy · Tue May 27, 08 12:41 am

You can also avoid capitol gains tax by rolling that money into another property. wE did it about 3 years ago. It's called a 1031 exchange. You only pay taxes on the proceeds of the sale that you don't re-invest. So re-invest all of it and take a HELOC out on the rental is you need money.

bulae99 · Since 12 Jul 2006 1692 Posts XTreme Poster

If you check out the available options and the price of gas it's not a bad option to live in the dalles. Your closer to my favorite site Goofus, and Stupid spot too. The commute is doable and there are tons of cool stop sights to go biking like at little Moab, Sinner's Incline and Lyle.
The housing market is buyer friendly right now and the margin for potential increase in home values is really good.

The Dalles Rocks! And it's cheaper than hell too! We have a Home Depot too!!

TDUB Very Happy

Sella · Tue May 27, 08 2:51 pm

I looked in HR and WS for a multi-unit for about a year but they had limited selection and the price meant constant occupancy plus I would be still paying 50% of the mortgage so I bought a 4-plex in The Dalles instead....reluctantly.

I laugh about it now because I was obsessed with being close to the Spit but The Dalles was the right decision for me; Good ammenities, renters in The Dalles are less transient/seasonal than HR , 15 minutes to the water while getting a real-time look at Lyle. Last but not least, 3 units cover 90% of my mortgage as my fat ass and quiver sit in the 4th unit.

If you come to the Gorge...think multi-unit...and it sounds like a lot of people on this site are already doing that. I still get to enjoy the festivities of "Hood Salmon" but less money = less work = more kiting.

You do the math.

.

wexeter · Since 27 May 2008 2 Posts San Diego, California New Member

You are referring to the 121 exclusion. You can exclude from your taxable income up to $250,000 per person/owner when you sell your primary residence as long as you have owned and lived in the property as your primary residence for at least a total of 24 months out of the last 60 months.

There are certain exceptions for "unforeseen circumstances." Your job change may qualify for that, but you are limited to a prorated amount. One of the prior posts is incorrect. You do not get a prorated amount of the $250,000. You must calculate your capital gain and the proration is based on that amount. I think the number that was floating around was $50,000. In this case, if you have lived in the property for one year you would receive a 50% proration or $25,000 tax free.

Hope this helps.

The 1031 exchange would not apply at this point because it is not rental or investment property.

97031 · Tue May 27, 08 9:39 pm

Crap ... now I know why I was an English major. Tax talk makes me feel like a moron.

wexeter · Since 27 May 2008 2 Posts San Diego, California New Member

Naw, it just makes me a tax geek.

KidCorporate · Since 10 Jul 2007 563 Posts Addicted

OK guys, small update:

I got the formal job offer today and it looks legit. Now I have a bunch of due diligence to get through regarding housing and moving out there! I wanted to say thanks to everyone for all the info and support in here, it's very encouraging! See y'all on the water.

genek · Since 21 Jul 2006 2165 Posts East Po KGB

Congrats, man and have fun! Is that the start-up Cory Roeseler is starting?

forrest · Wed May 28, 08 1:09 pm

Congrats dude, welcome to the neighborhood.