Meat,

I did take a look into the tax implications for the two or less years of ownership, but with the help of my real estate agent, I will be able to minimize my tax on the sale through negating my income on the sale by properly stating (not-overstating) my expenses incurred in the process of the sale. Also, since I will be purchasing another home within 6 months that is equal or greater in assessed market value compared to the one I'm selling, the tax on sale is further minimized (in Cook County, if I'm not mistaken, is nilled).

Also, I was fortunate enough to buy a house that was sold at such an undervalued price last year, that after the expenses of sale (including the real estate agent's price), I will still see a positive return of $25K. Whatever tax I pay on that is just something I'm willing to bite the bullet on.

If I'm forgetting to look into something, advice is greatly appreciated.

 

[QUOTE]Originally posted by tomspedale
[B]Luder,

 

[QUOTE]Originally posted by meat
[B]Another Andersonville resident here.

 

[QUOTE]Originally posted by Luder94
[B]Meat,

I did take a look into the tax implications for the two or less years of ownership, but with the help of my real estate agent, I will be able to minimize my tax on the sale through negating my income on the sale by properly stating (not-overstating) my expenses

 

Luder, yeah, Centex is the one. It's called Silverstone Lake (how fitting ain't it). You know I see you every now and then heading that way on Palatine Rd around 5ish. Currently I live just off of Palatine Rd near Quentin. I see you when I'm in my Focus so of course you don't notice me. Love you car though it's been all salty lately...

 

Tomspedale,

One of the places I'm looking for a townhome is in Palatine. In fact, there are some townhomes behind the Citgo gas station that I'm hoping I will be able to make a play on (I think that's on Quentin and Palatine). BTW, where do you live now? Is your house up for sale? If so, what kind of house is it?

Anyway, yup that would be me driving down Palatine around that time. It's funny that you noted the car is more white than black this past week. On Friday, after I got home from work, I washed the little monster for close to 2 hours in the decent weather we were graced with. I then waxed the hood, trunk, and roof. Te car sat in the garage for the whole weekend only to wake up to Monday morning snow and salt.

If weather and garage temperature permits, I will be washing the car down again on Friday (my day off).

Next time we pass one another, give me a heads-up with a high beam flash.

 

Chis2k

I have my GSR (white with aftermarket exhaust) parked on the street. I live on Summerdale (between Clark and Glenwood).

All the other "toys" are in the suburbs.

I, for one, probably won't move to the suburbs until I can buy a house with a big garage and some land capable of housing the truck/trailer. When I lived in the suburbs, I was always in the City. Also, if you are capable of living in the City - do it before you have kids because after that it's off to the burbs!!

 

Luder, I live real close to there, but I'm still at home with the P's. Hey, I gotta save for my own place, right? Anyway, I don't think they'll be selling their place anytime soon. I know where you're talking about and those place look really nice. Good luck with that and the next time we cross paths, you'll get the brights!

 

Palatine is a great neighborhood. I mostly grew up there. In Barrington now. I'm at school over in Evanston though. Tons of restaurants. Nicer places like Park Evanston, and Evanston Place can get kinda pricey I think. Single bedrooms start around $1,500 and up I believe. They're also building a lot of new buildings near the Century Movie theaters as well. El and Metra are both very close, as is Lake Michigan. Beautiful town in the spring and summer.

 

I live in the City but moving to the western suburb, living in the city and living in the suburb have completely distinctive flavors. I live downtown in river west and i love the area it's very close to all transportation and on ly 2 miles from the the watertower and navy pier, plus the many restraunts. We are moving primamrily due the birth of our son. All of teh things that we enjoy as a couple and single people in the city, we can nolonger par take. The burbs is going to give us the room to hang out, now that we spent most of our time in the house. If you are single and or with out kids i highly recommand living down here. As far as the flat spot in the housing price down here, that is completely contigent on the area. The super over inflated prices are over but a well price condo or house still goes out the door very quickly. Also make sure you check in to the soft cost such as taxes and assesments. Especially taxes, sinc that can be all over the place in the city. Good luck and have fun.