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A Time to Rent, A Time to Sell

posted at 4:05 pm
on Mar. 8, 2007

Comments: 5 so far

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So, Susie and I are going to be putting our Pasadena house on the market.

Our current tenants were going to move out at the end of April, but I think now they might be getting ready to leave at the end of March.  Which means we’ll be heading down to L.A. at the end of March, early April, to get the place into shape to sell.

Why are we selling?  Well, mostly because when you sell a house, and if you’re making a profit, you pay tax on the profit called “capital gains tax.”  But if you’re selling your primary residence, you don’t have to pay capital gains tax on the first $500,000 of profit.  Like, that’s a lot of tax-free profit.

Now, to be considered a primary residence, you have to live in the house for 2 of the past 5 years.  We’re coming up to the end of that 2-out-of-5 year period, and if we don’t sell now, we lose that tax exemption.  So financially, it makes a lot more sense to sell than to hold it, unless we go on holding it for years and years and renting at a profit, or unless the market continues to go up and up.

Neither one sounds too likely.  So we’re selling.  But it makes me sad because our house was such a wonderful place.  It really was the first “home” we lived in, and it made a lot of things possible for us—a home office, having Susie’s brother come and live with us for a summer, having my sister Staci come and live with us…  These are all things that I’ll remember about our place forever.

Meanwhile, though, I’m thinking about finding a painter, finding someone to fix the air conditioning, finding someone to replace the tiles that fell off our pool… ah, the joys of being a home owner, even if only for a few more days…



 
 

 

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Heading to SXSW

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I Went to SXSW

Overheard

“The sad truth is that most evil is done by people who never make up their minds to be good or evil.”

...who said it?

“Almost every American I know does trade large portions of his life for entertainment, hour by weeknight hour, binge by Saturday binge, Facebook check by Facebook check. I’m one of them. In the course of writing this I’ve watched all 13 episodes of House of Cards and who knows how many more West Wing episodes, and I’ve spent any number of blurred hours falling down internet rabbit holes. All instead of reading, or writing, or working, or spending real time with people I love.”

...who said it?

“Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

...who said it?

“I play with variables constantly.”

...who said it?

“Only the person who has learned Continual Love coming from a heart of Gratitude/Worship can effectively deal with the problem of loneliness.”

...who said it?

Comments

 

 

 

 

 

I'll be in the last weekend March/first weekend April too. Only a brief trip, but maybe we can run into one another?

 

Posted by hermitdeb
  at 7:35 am on Mar. 9, 2007

 

 

 

Come and visit! we would love to see you two again.

 

Posted by byrneout
  at 2:02 pm on Mar. 11, 2007

 

 

 

Sure, we totally will.

 

Posted by Travis Smith
  at 11:08 am on Mar. 15, 2007

 

 

 

Your house looks nice....but I'm not gonna buy it. Just looking up other Travis's as I'm going to see the band tonight....have a look http://patpope.vox.com/

 

Posted by Pat Pope
  at 5:25 am on Mar. 20, 2007

 

 

 

Wow! I'm sorry to hear that you are selling. But this will open up the possibility of buying something where you are now.

Good-luck!

 

Posted by Kathryn
  at 9:39 am on Mar. 26, 2007

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