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$ cha-ching!$

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  • $ cha-ching!$

    Just sold our house in the city. Bought it 2 years 9 months ago for $180K, just sold it for $255K! $75K profit before the real estate agent gets their cut. Now comes the dangerous part: In the past, my wife and I have made some pretty costly mistakes

    appropriating windfalls. We're trying to figure out where the money works best. I already found a '41 chopped Chevy Coupe with an LT-1, A/C, tilt and more for $18.5. But that's the kind of shit I gotta avoid. Trouble is, my wife would go for it too, that makes it even harder to resist, that and knowing I'll probably never have $18.5K to throw away on a car like that again. Lord give me strength....

  • #2
    Laughing over here. Be strong!
    With enough beer you can do anything...D.Pate

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    • #3
      If you can show it as an investment I'd go with the '41 otherwise Uncle Sam will get the whole damn thing. REALLY, I haven't a clue, don't listen to me. But, I had a wind fall and bought a '66 AC Cobra replica. Still have it 12 years later. Still had to pay taxes on it.
      It's not that life is so short, it's just that you're dead for so long.---unknown.

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      • #4
        That's a hard thing. Rainy day money is good. But so is living in the present.

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        • #5
          Figure you can get a solid 7% if you let a financial guy handle it and spread it over 4-6 types of products.... But as well all know that's just dumb. Buy hot rod shiit and call it a day!
          LET'S RIDE

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          • #6
            Y'all remember Stevie from this clinic? He would say hookers and blow!

            Comment


            • Jaybo
              Jaybo commented
              Editing a comment
              Call me Stevie, Hookers and Blow, Baby!

          • #7
            Bitcoin!

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            • #8
              Originally posted by Shores View Post
              Y'all remember Stevie from this clinic? He would say hookers and blow!
              Heck yeah!

              Life is dreadfully short....

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              • #9
                there may betax loopholes if you buy a new one, also maybe 1st time homebuyer. i owned a rental, but still qualified as 1st time homeowner cuz i rented for > 2yrs just prior

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                • #10
                  Congrats. Yes its hard to keep money and not spend it. Funny cause I own my house. Have a Silverado, wifey has a lexus. But my project car is a 1990 Acura Integra and I drive a 2000 honda civic beater with almost 300k daily. Theres urges but Im like nah im good.

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                  • #11
                    Click image for larger version

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                    • DEEPHATE
                      DEEPHATE commented
                      Editing a comment
                      lol good one!

                  • #12
                    So moving to the Country? aren't you going to have to buy another place?
                    2000 Roadstar 1600 - BAK, Pumpless, Curt's manifold, Mikuni HSR42 Freedom Combat Pipes Jumbo Strong bags, PPG 'HellFire' Paint.

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                    • #13
                      No, I still have a house in Texas, it's in the country too. Got a squatter in there right now and having a helluva time getting him out! Additionally, for those following the thread, the '41 Chevy got sold to someone else, probably for the better.

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                      • #14
                        The gubiment is going to have their hands out wanting a good bit of that 75k depending on what you do with those gains.

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                        • Father Pobasturd
                          Father Pobasturd commented
                          Editing a comment
                          Got any advice?

                        • EnergyGuy
                          EnergyGuy commented
                          Editing a comment
                          here ya go, buddy. This will help you understand HOW it's going to be taxed, first. If you lived in it for 2 of those 2 years and 9 months, you've escaped the capital gains tax and now it just comes down to what your income tax bracket is. None of my business, so here's a link to explain it to ya!!

                          https://www.rocketmortgage.com/learn...ains-home-sale

                          Something I've heard through the grapevine for tax avoidance is to get everyone you know to save/collect every non-winning lottery ticket they can find. If you can get $75,000 in losing tickets, you have $75,000 in gambling losses you can write off

                          This is not tax advice, I am not a tax advisor.

                        • Father Pobasturd
                          Father Pobasturd commented
                          Editing a comment
                          Thanks E-Guy

                      • #15
                        That is a really good article to explain tax when selling real estate. Thanks EnergyGuy

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