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Forum THE LOUNGE We’re getting a house :)

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    • kcomstoc
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        Hey guys I know I’ve been gone for awhile but I’ve been really busy lately, working and also because as the title says my SO and I are getting a house.

        So one of my older (as in age) friends is moving with his dad to SC and they were trying to sell their double wide but so far it hasn’t sold and he’s offered it to me before but for a discounted price well now he’s like “well it hasn’t sold yet and we want to move soon, and you and your SO are hard-working amazing people and you guys deserve a break in life so I decided that I want to give you guys the house for free”. 

        Well unfortunately because of state laws there is a gift tax and because of that he can’t give us the house for free we have to pay a total of 8,000 but after the first 4 or 5 payments of $250/month we can go down to about 100/month to help keep costs down. Still it’s a lot for right now because we don’t have much money but after my SO starts working it’ll be easier on us.


        But basically the cost all together (with electricity, internet, lot fee, and heat) would probably be about 550/month and we’re already paying 520 a month for rent only: laundry, heat, electricity and internet are extra so probably more like 600 a month. The only downfalls are that we would have to probably take out a small loan to cover some costs and it’s going to be difficult because my SO hasn’t taken his NCLEX yet but it’s all set up for him to take it soon.


        Some things I don’t like about the double wide are I would want to replace the carpets and tiles probably and that will cost money but basically it’s just cosmetic things. He isn’t taking the refrigerator or the stove and there’s 2 sheds with a fenced in backyard and a lawnmower. Which is really nice because the backyard is a really good size, Jake had a lot of fun playing it yesterday especially because he was able to be off leash. I’m a little nervous because this is such a HUGE step and also we would be moving into the house in about 2 months.


      • Megabunny
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          That sounds so exciting! Nothing more fun than seeing a bun able to run full tilt through a fenced-in yard. I really miss that from when I lived in NY. But how wonderful to be on your way with something you can call your own. Now here’s the mother in me talking:

          Have you checked with the IRS to see if there are any exemptions on that gift tax in whole or in part?? IDK what state you’re in, but have you double-checked this? Don’t be taken in. Check everything and all around the internet. There have just been so many times people have tried to take us in, my husband has gotten on-line and found out differently and saved us money. I don’t know who said this but “Believe none of what you hear and only half of what you see.” Let us know how you’re doing!


        • kcomstoc
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            I live in NY and yes I’ve checked it out they would have to pay the 8000 instead of us and I don’t expect them to do that. The bunnies will get their own room because it’s a 2 bed, 2 bath. I don’t know if I’d let the bunnies outdoors, there are places in the fence they could get out *Jake can’t because he’s too big but the bunnies could*


          • LBJ10
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              I remember having to “sell” my dad my car for $1. We had traded cars, but then when my dad wanted to junk it (it was a piece of crap) we had to transfer ownership to him. I couldn’t gift it, I had to sell it to him. I know, weird. Anyway, that is the only experience I have with this sort of thing. I just can’t imagine someone giving us a house. LOL

              How cool is this though? The buns will have more room, you will have more room, and it sounds like your monthly living expenses will be reduced.


            • Megabunny
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                Good you checked it out. I’m originally from NY. Guess you can’t expect the owners to pay the 8K Well, it all sounds very affordable though. All the best in your new venture


              • kcomstoc
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                  Yea it sucks but like you said I can’t expect the owners to pay the 8 grand but it will reduce costs overall and more room for the bunnies and Jake thanks Megabunny and LBJ


                • BB Administrator
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                    UPDATE– MY APOLOGIES.  I somehow read it as YOUR father.  That can change things. 

                    ———————-
                    I just saw this, and my own family was going through this — and it may be the the state is different than the IRS, but usually they have rather high limit amount as well. And while there is yearly gift tax ceilings, there is a higher lifetime limit, and estate gifts are treated a bit differently than money gifts. – My brother had to to declare the estate as gift, but didn’t have to pay the IRS or State gift taxes (however, there are some penalities if had decided to sell it within a few years, plus he will have to owe capital gains tax if he sells it.).

                    The net will give you an amazing amount of conflicting information about this! So if you if you have checked this all out with a couple of accountants or estate lawyer,  (get a second opinion because we found not all accountants are fully up on things about gift tax), and you still find that you find that your father would still owe a large amount of taxes, then you should also check out “joint tenancy with rights of survivorship” – so basically it’s co-owned, and then it is all yours when you father passes. Some of the states don’t allow this,but it looks like New York does. See http://everydaylife.globalpost.com/joint-tenancy-right-survivorship-new-york-state-law-43232.html

                    And you can then write up a contract that says,that while you are joint tenants, you take on the responsibility for all costs including property taxes, utilities, etc. 

                    Anyway, if you haven’t already, check with an accountant and/or estate lawyer.   

                    good luck!

                    Helloworld!!


                  • kcomstoc
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                      The problem is my friend can’t have his name on another title in order for him to get a house in SC, it’s because he can’t use the double wide as collateral to buy the new house and because of this the title has to be out of his name which is why it’s beneficial for both of us that I’m buying his house. We get a house for cheap and he gets a new house


                    • Sr. Melangell
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                        As you said you were nervous, it could be that you are excited, so if you sit down with a cup of tea or coffee, have some you time, maybe you could think of away to get the house, I’m in the UK and things are different here about getting houses and flats (Flats = appartments.) I’m sure you can work something out.
                        I know its nerve racking moving home.


                      • Megabunny
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                          OK We’ll leave you alone Kcom ha ha Sounds like you’re on your way and you’ve worked out the kinks. I really hope this all works. We started out in a mobile home in our younger days too! Outside of Rochester


                        • kcomstoc
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                            lol I don’t mind Megabunny we signed the final papers today, the house is ours we move in the second week of june


                          • Megabunny
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                              Cool!! All the best Kcom!


                            • kcomstoc
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                                thanks Mega


                              • kcomstoc
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                                  UPDATE: so some exciting news good and bad…the bad news the floors for the house had a LOT of water damage and mold so we had to redo ALL the floors for $2160, so after we fixed the floors then we found out that the electricity wasn’t wired right so the whole box had to be replaced costing another $650 so now we have a house with new floors and a fuse breaker box.

                                  The good news is we are slowly *one room at a time* fixing up the house so that when we sell it, the whole house will be updated and we could probably get double what we payed. Also the bunnies have their own room, it’s not all complete yet though so they only have a little bit of the room *it’s in the middle of the room so they can’t to any of the outlets or anything like that. Here is a link to the pictures of both the bunny room and the water damage and the fixing up of the floors  https://www.facebook.com/keriulovesjoshu2010/photos_all


                                • Bam
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                                    Wow! You must have worked like beavers (almost literally) all summer. So great!

                                    And Jake eating his name in kibble =)


                                  • kcomstoc
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                                      thanks bam, yea the people that did the floors did them in 3 days!!! it was crazy! we ripped up the floors in like 2 weeks, the bad news is we had to get rid of the cabinets and kitchen sink as well so the kitchen looks a little barren at the moment.

                                      and yes I’m working on “wait” with him and he’s doing very well


                                    • hiskatey93
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                                        Looks really really good so far!

                                        And BTW what kind of dog is Jake? He is so handsome!


                                      • kcomstoc
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                                          Hiskatey thank you and he is a shiba inu, he is 9 years old and full of energy and mischief


                                        • Sindri
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                                            Congrats on your home and your hard work! Its looking good!


                                          • kcomstoc
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                                              thank you sindriona it’s still not ready yet really we need to put REAL floors in (the floors now are luon *don’t know how to spell it* but its the floor that you put down so you can put tiles or hardwood or vinyl)

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                                          Forum THE LOUNGE We’re getting a house :)