Selling house for a Rolex

[sensational]

Would anyone ever do this, spend ''some'' of the profits on a Daytona

[nightmyth]

I mean if you have 10 houses

[sensational]

Originally Posted by nightmyth

I mean if you have 10 houses

only got one house, i just dont want to put all profit onto the new house.

been ages since i treat myself

[AK797]

Originally Posted by sensational

only got one house, i just dont want to put all profit onto the new house.

been ages since i treat myself

Where in Wales? Might not be enough. But seriously if you are thinking of selling anyway and want to put some of the profit into a Rolex then that's fine as long as you are not hurting yourself over the mortgage payments etc.

[dnd2984]

Where the money comes from is irrelevant. If you can afford without changing your lifestyle go for it.

[Rushhour]

Originally Posted by dnd2984

Where the money comes from is irrelevant. If you can afford without changing your lifestyle go for it.

This.


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[just1time]

Originally Posted by dnd2984

Where the money comes from is irrelevant. If you can afford without changing your lifestyle go for it.

This

[brandrea]

Not me, but to each their own.

Welcome to the forum

[Brian Page]

Originally Posted by brandrea

Not me, but to each their own.

Welcome to the forum

you're so optimistic Brian...

[garbanzo]

I do dat all the time
Sell my house and buy a watch, it’s the wrist truth that matters

[sensational]

[beshannon]

Originally Posted by sensational

Would anyone ever do this, spend ''some'' of the profits on a Daytona

Why?

Serious question, please explain

[jon54]

Shelter first before any other luxury.

[roviw]

If you have spent many years climbing the property ladder and gradually getting larger homes that are worth more money then there will be a time, seems to be the pattern here in the UK, when you then consider downsizing and releasing money while buying a cheaper home.
Really there is no difference between buying a Daytona or buying a new car or taking a few holidays, actually out of these three things the Daytona will hold its value more.

I used to laugh and say if ever the time came and I needed to downsize then I would not have a problem with that, mind you I am still living in the first ever house I bought 35 years ago, I have not needed to move home and did not ever need a larger home, however the mortgage was paid up quite a few years ago so I am happy with my choice over the years.
Nice collection of watches, nice selection of cars and still the same house, sorted !!

[sensational]

Originally Posted by roviw

if you have spent many years climbing the property ladder and gradually getting larger homes that are worth more money then there will be a time, seems to be the pattern here in the uk, when you then consider downsizing and releasing money while buying a cheaper home.
Really there is no difference between buying a daytona or buying a new car or taking a few holidays, actually out of these three things the daytona will hold its value more.

I used to laugh and say if ever the time came and i needed to downsize then i would not have a problem with that, mind you i am still living in the first ever house i bought 35 years ago, i have not needed to move home and did not ever need a larger home, however the mortgage was paid up quite a few years ago so i am happy with my choice over the years.
Nice collection of watches, nice selection of cars and still the same house, sorted !!

t h i s

[-Ally-]

Originally Posted by sensational

Would anyone ever do this, spend ''some'' of the profits on a Daytona

And live in the box?

[Simon_jrees]

Originally Posted by sensational

Would anyone ever do this, spend ''some'' of the profits on a Daytona

If I had a load of houses to sell...then I'd probably sell them regardless but as it stands, no.

[2nastie]

If you are downsizing for large house into a nice new condo with funds to spare, I guess?

But if in a normal situation, no don't sell a house to pay for watches lol.

[sea206]

Rolex comes to the bottom barrel priority at least for me.

[djgallo]

Watch Out.....you might start a new homeless trend....

[Simon_jrees]

Originally Posted by djgallo

Watch Out.....you might start a new homeless trend....

[Al1969]

Originally Posted by djgallo

Watch Out.....you might start a new homeless trend....

But you’ll be wearing a nice watch with underpants made out of newspapers.

[Easy E]

Pretty sure this as been covered before.....

https://www.rolexforums.com/showthre...light=house%5C

[sensational]

I spent £2,000 renovating this past year

Daytona seems biggest money maker

[SpicyMikey]

Remember, when you sell your personal homestead you must roll the profit into a new house of same or greater value within a short timeframe (a few months I believe). If you don't then you have to pay a capital gains tax. So in this scenario just don't forget the tax. Depending on your tax bracket this year it could be 10-23.5%. Of course, this is under the assumption you are in the USA.

Other than that, I don't see a problem with rolling out some profit into something else. People do it all the time for other things. Good luck!

[Cloudchaser]

Originally Posted by SpicyMikey

Remember, when you sell your personal homestead you must roll the profit into a new house of same or greater value within a short timeframe (a few months I believe). If you don't then you have to pay a capital gains tax. So in this scenario just don't forget the tax. Depending on your tax bracket this year it could be 10-23.5%. Of course, this is under the assumption you are in the USA.

Other than that, I don't see a problem with rolling out some profit into something else. People do it all the time for other things. Good luck!

$250,000 capital gains exemption (per person, so $500k for a married couple), so long as you've lived in the home for two of the last five years.

[SpicyMikey]

Originally Posted by Cloudchaser

$250,000 capital gains exemption (per person, so $500k for a married couple), so long as you've lived in the home for two of the last five years.

True. But remember it's a one time lifetime exemption. So usually a couple wants to use that at the end when the shelling their last home or significantly downsizing. You're really would not want to use that exemption to avoid paying taxes on a $15000 watch

Mike

[Cloudchaser]

Originally Posted by SpicyMikey

True. But remember it's a one time lifetime exemption. So usually a couple wants to use that at the end when the shelling their last home or significantly downsizing. You're really would not want to use that exemption to avoid paying taxes on a $15000 watch

Mike

I don't track all state tax laws, and am not giving tax advice, but at the federal level, that exemption is most definitely not a one-time exemption.

[EEpro]

Originally Posted by Cloudchaser

I don't track all state tax laws, and am not giving tax advice, but at the federal level, that exemption is most definitely not a one-time exemption.

You are correct. It is NOT one time. You can do it every 2 years if you like and are up on your homes or flipping them after renovation. Tax free profit every time. If you have to move for a job you can do it in less than 2 years tax free from the deduction is reduced by the ratio of months to 24 months.

https://www.irs.gov/businesses/small...state-tax-tips

[SpicyMikey]

Originally Posted by Cloudchaser

I don't track all state tax laws, and am not giving tax advice, but at the federal level, that exemption is most definitely not a one-time exemption.

If you are talking about the USA, yes unfortunately it's a one time exemption at the federal level. That would be really nice if we could avoid taxes on real estate sales lol. But the federal government is not the generous. If you make money they want their piece. Except, like I said, one time near the end of your life as a 1 time exemption.

Mike