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How many of you have a second house?

Is it a beach house or a mountain house or some kind of rural retreat pad. Maybe it was your dead parents old house or an investment property.

Please tell us about it. I'm bored and want to be nosey.

by Anonymousreply 22Last Sunday at 5:22 AM

My great grandfather built an old stone cottage on Grand Traverse Bay. It is chock full of old original Stickly mission furniture(museum quality but very uncomfortable). Summers are an absolute delight. We jut out into the bay and stay 10-15 degreees cooler than , say, Traverse City. Beach is under water this past summer, but normally sugary white sand out 200 ft from the front porch.

by Anonymousreply 1Last Saturday at 3:34 PM

I share a second house with siblings in the Great Lakes area. Scheduling is a nightmare.

by Anonymousreply 2Last Saturday at 3:37 PM

I own several homes and properties, both nationally and internationally. Five are currently being rented out to responsible and tidy tenants. All of the mortgages on my homes have been paid off.

by Anonymousreply 3Last Saturday at 3:37 PM

I own a flat in London (Shoreditch) which I lived in until work sent me over to SE Asia. The London flat is now rented out, and I bought a WE/holiday flat in Bangkok. I’m planning on retiring in Thailand, at which point I’ll sell the London flat to top up my pension pot.

by Anonymousreply 4Last Saturday at 3:40 PM

R2 yeah i thought we could all bunk down together. Last summer 3 months with my sister was too much. She retired as am I. . We will need to form a "scheduling committee" soon!

by Anonymousreply 5Last Saturday at 3:41 PM

"Nosy" is the preferred spelling among people who know English, OP.

We have a second house nearby for overflow or long-staying guests, and a place in the country about 50 miles away.

by Anonymousreply 6Last Saturday at 3:48 PM

I have a small house that I inherited from my sister. It's been a rental since she died in 2011, but I'm thinking it might be time to sell it. Not looking forward to the huge tax bill, however.

by Anonymousreply 7Last Saturday at 3:53 PM

"Cunt" is the preferred spelling for people like you R6, for those of us who know English.

by Anonymousreply 8Last Saturday at 3:54 PM

Remember, r7 the "basis" of the house is the amount it was worth the day you inherited it, not what your late sister might have paid for it, so the taxable capital gain is the difference between that and your eventual sale price. Since it has been used as a business (rental), you may have depreciated it, or perhaps not. It might not be too bad a bite.

by Anonymousreply 9Last Saturday at 3:59 PM

Can we start an Economy Class DL for us regular slobs?

by Anonymousreply 10Last Saturday at 4:00 PM

I have a pleasant small house in North Carolina that I will use for my retirement. I spend a lot of time in Washington, DC working these days, so have a small two bedroom, two bath place in Maryland. I really enjoy both areas, and being around DC again has been a blast.

by Anonymousreply 11Last Saturday at 4:07 PM

R7 you may want to think about a 1031 exchange on something else, or if you invest in an Opportunity Zone you pay zero capital gain. Talk to someone before you sell it.

by Anonymousreply 12Last Saturday at 4:10 PM

I own the house I live in, a condo that is rented out, and an industrial condo, paid off and bought for a good deal when that market was slow. My partner uses it for his business but we consider it a retirement investment, too, to sell or rent some day. We own all the properties together. My house mortgage is small, the condo mortgage is higher, bought for an investment.

by Anonymousreply 13Last Saturday at 4:14 PM

r9 Actually, when I inherited it, I could have kept her property tax basis under Prop. 13 since I was a relative (this in California), but the value had actually declined since she bought it, so I did have it reassessed to get the lower property tax valuation. But then this made it the new basis as well (fair market value as of the date of death). It's gone up more than $400,000 in the past 9 years. And I'm in a high tax bracket. (And I took depreciation, but not too much since the land was equal in value to the building.) I'm somewhat familiar with 1031 exchanges, but I really don't want another investment property at my age (68). Now that we have a new property tax law that lets seniors carry their prop. 13 basis anywhere in the state, even on more expensive homes, I'm thinking of selling both (at a huge tax hit; the gain on my residence will far exceed the amount that can be excluded) and buying something nice. But then I wonder why I would want an expensive asset when I die? (I have no heirs.) Maybe I should just cash everything out and rent for the rest of my life. I could live like a king.

by Anonymousreply 14Last Saturday at 4:27 PM

If the home is not your primary residence at least 2 out of the last 5 years there is no exclusion at all. The money from the sale is taxed as a long-term capital gain, likely to be 15% of the profit only from the sale (sale price minus your appraised value, with consideration of depreciation), meaning unlike a short-term capital gain it's not just lumped with your other income and taxed altogether.

by Anonymousreply 15Last Saturday at 4:38 PM

a... house?

by Anonymousreply 16Last Saturday at 4:40 PM

A studio in the city and a large old house on a few acres in the country. It’s the perfect combination for me. Especially grateful now during Covid. Never understood paying a ton of money for a city apartment but not having an escape house for 1/5 the price,

by Anonymousreply 17Last Saturday at 5:37 PM

I inherited a beautiful old house on the coast of Maine, and my husband inherited a house in the Hamptons. We agreeably share these homes with our siblings. It’s expensive, but nice to think about.

by Anonymousreply 18Last Saturday at 7:59 PM

Yes one winter retreat home and another summer lake home.

by Anonymousreply 19Last Saturday at 8:05 PM

Does an out house count?

by Anonymousreply 20Last Saturday at 8:11 PM

My close family share a couple of vacation country homes on an ancestral ranch of which we still own a few small chunks. None of that is now in my name. But I do own three nice rental homes free and clear of mortgage.

by Anonymousreply 21Last Saturday at 8:28 PM

Nastiness does tend to be the partner of illiteracy, OP/R8.

It's not like I "Oh, deared" you.

However, you couldn't help but display your ignorance again, saying "like" instead of "such as," and therefore:

[quote]"Cunt" is the preferred spelling for people like you [R6], for those of us who know English.

Oh, dear.

Plus in stating "for those of us who know English," obviously you lied.

Tsk.

No second house for you. Not until you obtain a GED through very hard work.

by Anonymousreply 22Last Sunday at 5:22 AM
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