If you want to avoid, not differ, the taxes, live in the house for two years as a primary residence. $250,000 for an individual, $500,00 of capital gains for a married couple is tax exempt.

I'm not an accountant.

I'm a spec builder who moves every two years!

 

[QUOTE]Originally posted by rich5842
Hey Tim, thank you so much for your words.

 

[QUOTE]Originally posted by CanIplay
Thanks for the correction, I did mean "differ" you will pay them eventually.

 

Yes, and thank you

 

Hey Tim, thanks for all your words. About avoiding the builder's, I think it's too late. My fiance and I bought a house from Centex homes. The community is called Sedona Falls off of Durango on the I-95. The house will be completed in July. The last time I was in Vegas was last month.

 

Congrats on your new home purchase! I have seen Sedona Falls, and they are very nice homes. I'm sure coming from CA you were amazed at what you could get here in Vegas for your money! I would suggest you get a good faith estimate from who ever is doing your loan, and compare it with what my loan officer has to offer. He is amazing with home loans and does all of my homes. When you were looking, did you check out the Southwest, Southern Highlands or Anthems. If you are not currently working with a Realtor, I hope you will consider letting me help you in your future Real Estate transactions.

Best Regards,

Tim

 

Yes, we were definitely amazed by the "bang for your buck" factor here there in Las Vegas, compared to what we could get here in cali. Sedona Falls is nice, but the only thing that concerns me is that it's kinda far from the Strip. I'm wondering if this would hurt the appreciation rate compared to the houses that are closer to the Strip. Tim, I hope that we will be friends when my fiance and I arrive in Vegas next year. Like I said before, we hope to achieve wealth in Vegas, and would definitely appreciate business or reality advice from you or any of your professional friends. My fiance will also be in the real estate business when she arrives in Vegas. She's already passed her exams, but needs to take the mandatory training for the Nevada laws. Well Tim, I do have your phone #, and I will contact you. Hope you don't forget us

 

S2Kskibum has the best idea and one that I would do if I could hit a nail without bending it. It has the potential for $250,000 per year of income tax free.
As far as defering taxes through an exchange (called a 1031 exchange), you can not do that with your residence, and if you keep doing it and don't hold onto the property long enough, it could get thrown out, and taxed. There's much more to it than that, but I can't type fast enough to say it all.
See your friendly CPA for more.

 

For anyone currently investing in the Las Vegas real estate market or planning to so, this is a great read!

LV home appreciation hits 14 percent

By HUBBLE SMITH
REVIEW-JOURNAL


Home prices in Summerlin, the master-planned community on the western rim of
the Las Vegas Valley, appreciated by 21 percent in the third quarter
compared with the same period a year ago.

The median price of a Summerlin home is now $230,000, up $40,000 from last
year, said Larry Murphy, president of SalesTraq. The citywide median price
is $168,000, a 14 percent increase from $148,000 in third quarter 2002.

Broken into submarkets, Henderson had the valley's highest appreciation rate
at 16 percent ($206,000 in 3Q 2003 vs. $178,000 in 3Q 2002). The north
($150,000 vs. $131,000), south ($168,150 vs. $146,000) and southwest
($195,075 vs. $169,000) housing submarkets appreciated at 15 percent. The
northwest ($175,000 vs. $155,000) was at 13 percent and the east ($130,000
vs. $122,000) at 7 percent.

"Clients always ask me about appreciation rates, though even if they don't,
I always make sure and emphasize the increasing rates as a means to explain
to them the sense of urgency they should have in looking for a home," said
Shawn Cunningham, a Realtor with Re/Max Advantage in Las Vegas. Waiting six
months or a year to buy a home, especially in hot areas like Silverado
Ranch, will cost them thousands of dollars, he said. For example, the
Seasons cluster-home tract by Richmond American in Silverado Ranch had a
1,350-square-foot model that was selling for $150,990 in January and now
goes for $202,990. "That always causes the jaw to drop with these
out-of-town investors and relocaters," Cunningham said. Many of his clients,
both owner-occupants and investors, will only consider areas that have the
greatest appreciation potential.

The right home improvement project also can dramatically increase the resale
value of a home. A study by Hanley-Wood published in Remodeling Magazine
showed the top five projects, measured in terms of one-year return on
investment, as minor kitchen remodeling (88 percent), a second-story
addition (83 percent), bathroom remodeling (81 percent), a bathroom addition
(81 percent) and a family room addition (75 percent).


Best Regards,

Tim

Its still not too late, don't miss you chance!