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-   -   Home Deal (http://www.wakeworld.com/forum/showthread.php?t=799184)

rkinsell 07-19-2013 12:26 PM

Home Deal
I bought/remodeled a home in Feb 12' in Scottsdale, AZ. Since then my neighbor, (who is stage 4 cancer) does not want to mess with the real estate market, and wants his home to go into good hands. He's approached me with an offer that I cannot refuse to purchase the property. However, I don't really want to move into this home and I would like to purchase, remodel and sell within 3 months. Does anyone on here know the best way to approach this tax wise? It is a larger home with a pool, so classifying it as a primary residence will not be a problem. Would I receive any backlash from buying this as a primary and selling within 3 months, then "moving" back into my old place? Has anyone gone through anything similar?

john211 07-19-2013 2:39 PM

I'm one among a few who've wondered if Sam Ingram and you weren't the same. That aside, don't either of you have a good accountant? One of the three most important assets in my small business(es) has/ve been my accountant(s). It's a husband and wife firm. They've been around for ages and I worry about the day they retire. What I'm driving at is, don't you have a trusted accountant who is local ... 'has boots on the ground' ... you can visit? My visits for like out-of-the-ordinary questions for my odd (but unlike yours) question(s) haven't cost much at all in the larger picture. I've got a bunch of odd investments ... which count as capital income. And that is good.

rkinsell 07-19-2013 3:43 PM

No I'm not Sam Ingram. I have a call into my accountant, but he specializes in employee owned companies (I'm involved in two with some weird accounting). I've seen a decent amount of real estate advice on this site so I thought I could get a couple opinions.

durty_curt 07-20-2013 12:00 PM

I'll Ask My cpa About That For You Kinsella, I'm going Wakeboarding With Him On Tuesday. Remember When You Used To Wakeboard? :)

rkinsell 07-20-2013 1:12 PM

Yeah I miss those days. I appreciate it.

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