Posted by Brett on June 03, 2000 at 22:32:17:
Andy, after rereading my original post I understand how you could take this the wrong way. It sounds like I’m trying to completely get by the system. My thoughts were more hypothetical. I was trying to decide the best way to buy and sell without spending unnecessary taxes. I’m very interested in using a Roth but too uninformed at this time. I was also looking for a more legal description of property being a residence. Do you have to sleep there every night? I will be eating, sleeping and working there which sounds like a residence to me. If it means changing more than that I need to know what that is so I can decide if that is the route for me. I am getting more involved with my investing and love to see a house go from near demolition to a beautiful piece of architecture. I’m going to need help along the way and would hope to be able to ask for it here. I’m an ethical person. If I don’t ask questions how am I going to know the answers to what is right and wrong? Thanks. I apologize again for rubbing you the wrong way. -Brett
Could I fudge it??? - Posted by Brett
Posted by Brett on June 02, 2000 at 13:35:58:
I’ll be making an offer on a bank owned house tomorrow. I’m trying to decide the best way to finance it to protect from a big tax loss. I don’t know much about using a Roth IRA, but would love to find some detailed info on how to do it. I could consider making it my main residence because it’s less than a mile down the road, but have several concerns about that. I wouldn’t be too excited about completely moving there, but who’s to say I don’t live there? What would I have to do to make it my residence without getting in trouble. Also I have an FHA mortgage on my present home stating that it is owner occupied. Should I worry about that? If I do make it my residence for two years; how exactly does that benefit me? And is any of this subject to local law or is this a common (national) law? I’d appreciate any views on this as well as other ideas. Thanks a million! -Brett
How bout if you “FUDGE THIS” Brett - Posted by Andy C
Posted by Andy C on June 02, 2000 at 19:34:48:
Fudging is against the rules of REI. At least it is in my books. Honesty is the best policy.
Andy
How to do your own title search? - Posted by Brett
Posted by Brett on June 02, 2000 at 15:52:04:
Would it be beneficial for me to search the title for liens, myself? I know it would save paying for it, but how easy and safe is it? I thought this might also help, just to have the knowledge. Even if I always pay to have it done in the future it’s always nice to know what you’re paying for. And the knowledge could prove helpful in the future. Thanks for any and all comments. I really appreciate the help. -Brett