THE OUTLAW Posted July 5 Report Share Posted July 5 With my wife’s short term prognosis , we are vert seriously considering buying a piece of land and putting a handicapped ready Barndominium , with an attached workshop , on the side . We have no idea , where to start , who to contact. We kind of want to act fast as time is short Lady bird deeds Capital gain tax . You know greedy stuff There has to be someone here , who has done this and will have some input . Thanks Susan / Ralph 🇺🇸🏴☠️ Quote Link to comment Share on other sites More sharing options...
Bubba B Posted July 5 Report Share Posted July 5 Ralph I'll ask around and see what I can turn up! Bubba 1 Quote Link to comment Share on other sites More sharing options...
SCFD rtrd. Posted July 5 Report Share Posted July 5 Ralph, I've known this guy for a few years. His office is in Englewood. His company specializes in handicap renovations and new construction. Jeff - 248-388-0125 I also have another friend who is a general contractor. He built his own barndominium in New Hampshire. I'll check with him to see if he is licensed in Florida. 3 Quote Link to comment Share on other sites More sharing options...
THE OUTLAW Posted July 5 Author Report Share Posted July 5 29 minutes ago, SCFD rtrd. said: Ralph, I've known this guy for a few years. His office is in Englewood. His company specializes in handicap renovations and new construction. Jeff - 248-388-0125 I also have another friend who is a general contractor. He built his own barndominium in New Hampshire. I'll check with him to see if he is licensed in Florida. THANK YOU ! 🇺🇸🏴☠️ 2 Quote Link to comment Share on other sites More sharing options...
Wanaflatsfish Posted July 6 Report Share Posted July 6 I would contact Tunnels to Towers and ask who they are using for their homes in Florida for the Vets and First Responders speciality homes. they have a complete community up near Tampa and they should be able to give you some direction. DC 2 Quote Link to comment Share on other sites More sharing options...
fin-addict Posted July 8 Report Share Posted July 8 Stupid question, what is a barndominum. As far as handicap renovation goes I would think most general contractors would know what is required and how to do it as well as the building dept. in that area. Best of luck, fin 👍😀👍⚓️. pour condo recently had a new 600’ dock built around the complex. We needed info on what handicap requirements were needed if any. Our contractor went to the city to find out but they knew the law already. Think it’s in the fair housing act. Quote Link to comment Share on other sites More sharing options...
SCFD rtrd. Posted July 8 Report Share Posted July 8 Ralph, my friend from New Hampshire is not licensed in Florida, but he gave the name of a General Contractor who works out of the Englewood area ( Damian - 941-662-7233). Contact your Tax person about the ramifications of "capital gains taxes". My understanding of capital gains tax is that if you sell a property and buy a cheaper property, then the extra money or profit is taxed. If you sell a property and invest all the proceeds into another property, then there is no capital gains. Have you considered how your wife will access the second floor? 2 Quote Link to comment Share on other sites More sharing options...
Wanaflatsfish Posted July 8 Report Share Posted July 8 1 hour ago, SCFD rtrd. said: Have you considered how your wife will access the second floor? Lots of houses in the keys have small elevators....they are really efficient dc Quote Link to comment Share on other sites More sharing options...
THE OUTLAW Posted July 9 Author Report Share Posted July 9 I am looking into a Lady Bird Deed No second floor . Sebring and Lake Placid look beautiful 🇺🇸🏴☠️ 1 Quote Link to comment Share on other sites More sharing options...
rubble Posted July 11 Report Share Posted July 11 On 7/9/2024 at 8:36 AM, THE OUTLAW said: I am looking into a Lady Bird Deed No second floor . Sebring and Lake Placid look beautiful 🇺🇸🏴☠️ I have some family in Seabring. My in-laws just moved back to KY from Lake Placid. Have some connections to some connections there. Also have a fishing buddy that is an attorney in Seabring. I can check with them on local builders and put you in contact with the attorney if needed. He's a great guy. We've stayed at the RR Chicken and fished all over that area. Quote Link to comment Share on other sites More sharing options...
THE OUTLAW Posted July 11 Author Report Share Posted July 11 I will be in touch with you as , that area looks beautiful , is close to my mom and is still the same distance to Everglades City . Its a win win BONUS , I will be retired also 🙏🏻 🇺🇸🏴☠️ Quote Link to comment Share on other sites More sharing options...
THE OUTLAW Posted July 12 Author Report Share Posted July 12 I was nut informed that , in FL , Thank you Ron DeSantis , that there is no Capital Gains Tax on the sale of your personal residence . How much truth is there to this ? Must be some one on here with some knowledge of this . Thanks 🇺🇸🏴☠️ Quote Link to comment Share on other sites More sharing options...
George Seither Posted July 12 Report Share Posted July 12 Read this than find a CPA in your area to find out if there are 1 time exemptions or exemptions available https://www.wealthandfinance-news.com/guide-to-capital-gains-tax-on-real-estate-in-florida/#:~:text=The state of Florida doesn,is no state income tax. Quote Link to comment Share on other sites More sharing options...
THE OUTLAW Posted July 12 Author Report Share Posted July 12 Thank you ! The Capital Gains Tax is for people who are flipping houses for profit . The law states, the you have to , own the home , for a minimum of 5 years, and have lived there , for a minimum of three years. So now that I have this knowledge, my next adventure will be to figure out where we will disappear too ! 🇺🇸🏴☠️ Quote Link to comment Share on other sites More sharing options...
smilemaker Posted July 13 Report Share Posted July 13 What is the exclusion for federal capital gains on owner occupied house. My poor memory has 500,000 as best guess. Is the difference in selling and buying greater than that. Quote Link to comment Share on other sites More sharing options...
George Seither Posted July 13 Report Share Posted July 13 Yep, married filing jointly, consulting with a CPA is to validate it for your area and no tax bill surprises Quote Link to comment Share on other sites More sharing options...
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