Nick's house build thread

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We've been demoing a bunch of battery equipment lately to make the hippies happy, specifically shindowa brand. If I had a yard your size that's what I would own. You could mow, edge/weedeat, and blow on 1 battery, their pretty awesome these days and super quiet.
 
We've been demoing a bunch of battery equipment lately to make the hippies happy, specifically shindowa brand. If I had a yard your size that's what I would own. You could mow, edge/weedeat, and blow on 1 battery, their pretty awesome these days and super quiet.
nice, i'll have to look into one of those.
 
So I'm debating what I want to do for a flag. I could do the normal porch post flag or I could go H.A.M. and do the 20' pole. It should be noted that probably half my neighbors are immigrants. They'll either love the massive flag pole or they'll shoot me. lol

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There is a giant flag store in Tacoma with all different sizes and types of poles. :p We got my grandfather one of their larger industrial sized ones for his front yard. He has 2 flags off it. I suggest go big so you can have more than 1 flag going? American + UW or Seahawks or POW or Wounded Warrior? Etc.
 
Re-read those bylaws. The last sentence expands the restrictions and allows a flag or banner holder on the dwelling, that allowance doesn't offer a restriction or any kind of conditions.

I'd put up a flagpole, and then one on the house. Make sure you light both.
 
Can a mod change the title to "Nick's house build thread"? I'm going to keep posting here instead of starting a new thread.
 
Friendly accounting advice.
Start a file now for home expenses. This file will be useful at some point in the future when you need to determine your actual cost basis in the home when you factor in all your "capital improvements".
The 250k exclusion (500k MFJ) may seem like a lot of gain to exclude now, but in 10, 20 or 30 years, that number will seem a whole lot smaller.
Tax returns that include basis valuations are now also open to a 6 year audit standard (vs 3 year statute of limitations) so you have double the exposure for time frame in which you may need to provide this documentation if your number is pulled for audit.
Repairs to a home cannot be expense'd on income taxes (excluding home office/home based business R&M) so we advise being pretty liberal about classifying what is a repair vs a "capital improvement".
 
Friendly accounting advice.
Start a file now for home expenses. This file will be useful at some point in the future when you need to determine your actual cost basis in the home when you factor in all your "capital improvements".
The 250k exclusion (500k MFJ) may seem like a lot of gain to exclude now, but in 10, 20 or 30 years, that number will seem a whole lot smaller.
Tax returns that include basis valuations are now also open to a 6 year audit standard (vs 3 year statute of limitations) so you have double the exposure for time frame in which you may need to provide this documentation if your number is pulled for audit.
Repairs to a home cannot be expense'd on income taxes (excluding home office/home based business R&M) so we advise being pretty liberal about classifying what is a repair vs a "capital improvement".
Good to know. Right now I have a stack of about 20 receipts from Home Depot, Sherwin Williams, and a few other places.

Home ownership is great, right? RIGHT???
 
Remember sweat equity is not deductible in any way. So lets say you spend 10 hours taping and painting a room, and you earn $20 an hour, and $100 in supplies.
You have invested $300, of which you can only claim $100.
If you hired someone to paint the room and it costs $500, you could include that full $500 as a capital improvement and increase your basis.
Painting is a bad example because it doesn't necessarily qualify as a legitimate capital improvement but the idea is still the same.

Bottom line. Remember what your time is worth and the tax implications of sweat equity.
Don't miss out on life to save a few bucks, your time in priceless.
(That being said, I also do all my own home improvements and repairs so I am in no position to talk.)
 
^^^ Sound advice.

My wife is more of the opinion that we should pay someone to do everything. I have trouble swallowing that one, because I'm able to do it myself.
 
I havne't kept track of much. My house is underwater. the way i figure it, i'm going ot post a loss if i sell so the gov't should give me money back lol
 
Remember sweat equity is not deductible in any way. So lets say you spend 10 hours taping and painting a room, and you earn $20 an hour, and $100 in supplies.
You have invested $300, of which you can only claim $100.
If you hired someone to paint the room and it costs $500, you could include that full $500 as a capital improvement and increase your basis.
Painting is a bad example because it doesn't necessarily qualify as a legitimate capital improvement but the idea is still the same.

Bottom line. Remember what your time is worth and the tax implications of sweat equity.
Don't miss out on life to save a few bucks, your time in priceless.
(That being said, I also do all my own home improvements and repairs so I am in no position to talk.)
I hired Ramon to paint the downstairs, stairwell, and one of the bathrooms. Cost $900. It was cash. I don't have a receipt. lol
 
If you withdrew the money from the bank, copy the receipt or bank statement and makes notes regarding the laborer/contractor, date, time, extent of the repairs etc.
Pictures of the work before and after along with the above documentation should be pretty solid evidence. Hand written receipts are also admissible.
I've seen less get through an audit.
If its illegally sourced un-taxed cash income, call it a wash.

If your files and substantiation are all very accurate and thorough they tend not to dig too deep into the stuff and accept it all at face value. Especially if you do their job for them and present it in an organized clear cut manner with supporting spreadsheets, with footnotes/page references to amounts on the spreadsheet, etc. Its amazing how nice the IRS can be if you play nice with them.

Next time make the check out for cash, with the memo stating the work, and then just cash it yourself to pay the worker. Helps your papertrail.
 
I know the house is only two years old, but make sure you clean out and inspect your gutters. Mine kept overflowing in heavy rain but looked clean, then I realized the downspouts were both clogged with everything imaginable.
 
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