House update

Get me to Colombia.....please.

+We're in and I stopped counting after catching 20 mice + 6 dead ones. 1+ week no sign of any more.

-Tenants or exowner filled a pipe full of grease so thick it was like solid butter. The douche also used a ton of concrete for the bathroom floor that it eventually crushed the lead toilet drain. About 2K to fix both.

- While the plumbers were fixing this they used PVC glue in the boiler room. They left for supplies, leaving the unopened cans behind as well as glue om the floor. I just happened to go downstairs and was greeted by a huge fireball. 3 firetrucks and 2 cop cars later all was well. No damage as I put it out myself. My wife called 911 but had no idea what the address was (only day 2), so she kept telling them, "I'm in New Jersey". Our 11 year old called and saved the day.

- The plumbers then offered to redo my roof (torch). I laughed and kicked them out.

-New roof 5.5K

- 25 minutes after roof on, I finally convinced my wife all craziness was over when I learned our water main is broken. Not leaking in the house. 4K estimate 2 weeks from now. Ex owner laid concrete where the main comes up so I imagine he crushed that too.




Since a number of you guys already have had houses, any advice tax-wise? I'm going to am accountant but a few have told me to spend as much now, the first year, because of some tax break.

I'm also emptying a small 12K IRA that I have because for first time home buyers there is supposedly no penalty.

Comments

  • Check the limit on that IRA. We have a (very small) limit on our RRSP for first time home buyers here in Canada.

    Good luck with everything else. That really sucks - especially as it is your first home.
  • gallitogallito Posts: 1,364
    Shitty luck buddy; It's been a tough week up here,our old house is in need of another cash infusion!
  • bufalobufalo Posts: 708
    I actually look at it as being lucky because everything should be done now. Then again I thought that before.

    Next step is finding good tenants. 3BR's but I have people calling asking if three families can live in it. Not happening!
  • bufalobufalo Posts: 708
    A highly recommended inspector but I guess I know what value certain recomendations are. the guy's been in the area for about 15-20 years.

    Ha! I just got a call for 3 families to live in the apartment. The lady tried to convince me that it's ok because, "there are three bedrooms."!
  • gallitogallito Posts: 1,364
    What are the tax implications if you declare rent income in the U.S;do you pay capital gains when you sell the property?
  • bufalobufalo Posts: 708
    not sure about that
  • So, you're not going to live there Bufalo? Might want to check your IRA penalties for that particular situation. Rental income properties might be different to residence.
  • bufalobufalo Posts: 708
    We're living there too. We got the first floor of a two family. IRA supposedly has no penalty for first time buyers but I have to check how it'll be with taxes.
  • scumbusterscumbuster Posts: 2,365
    Keep every receipt you get. It will come off any gain from rent you may get. Even cleaning supplies. Advertising it to rent. Its all a write off.
  • bufalobufalo Posts: 708
    Thanks for the info, all receipts are kept too!

    Weird, I knew it was stressing me out a bit with all the work, unkown bills yet to come, small fires, etc. I think I'm handling it ok and all but I weighed myself this morning - 15 pounds gone in less than 3 weeks. Holy crap. Glad it's all slowing down now.
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