By in Personal

Really Sold, Escrow Closed

It's time to celebrate. We sold the building and the money is finally in the bank. Now we can start paying off some of the debts we owe, like our mortage. We still don't know how much we will have after Uncle Sam takes his chunk. We have put a lot of money into improvements durng the time we owned the building, but I don't know how many of those we can deduct from the capital gains. I keep hoping Congress will change those capital gains laws in our favor this year. It doesn't seem fair to take 40% of the profit. That won't even leave enough to pay off the mortgage. It should however, lower our payment.

Hubby says when I can ride for long enough in the car we will go to Santa Barbara and return all our spare keys to the agent and we will go somewhere nice to have a celebration meal. I'd also like to spend some more time photographing Alice Keck Park. I never did see the playground in time to get photos of it. Meanwhile, we are out of the pressure cooker. But I still have to get my sales tax for 2014 done before the end of the month.

Pictures and content are original and may not be used without permission, B. Radisavljevic, Copyright 2014, All Rights Reserved


Image Credit » I took the photo and edited it.

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Comments

MegL wrote on January 16, 2015, 2:43 AM

I know how you feel about capital gains tax! We have it too. Hope the improvement costs can be deducted.

SoundNFury wrote on January 16, 2015, 2:46 AM

Congratulations! Glad you have that weight off your shoulders. Must be a great feeling.

WordChazer wrote on January 16, 2015, 3:22 AM

Yeeehaha!! Congratulations! Hope you're well enough soon to make it to Santa Barbara and hand those keys over. I hear Santa Barbara is a lovely place so I'm looking forward to your opinions of the location.

bestwriter wrote on January 16, 2015, 3:34 AM

Congratulations. It happened at last. We too had sold a flat and our consultant did some calculations and we had to pay nothing.

Gina145 wrote on January 16, 2015, 4:16 AM

That's great news. I hope you're fit enough to go out and celebrate really soon.

CalmGemini wrote on January 16, 2015, 4:46 AM

Looking forward to seeing plenty of photos of Alice Keck Park though I am not familiar with the place.But your pictures are eagerly awaited.

BeadDoodler wrote on January 16, 2015, 6:28 AM

Congratulations. Being free of the building is bound to be a relief even if the financial gain isn't as much as you'd hoped.

VinceSummers wrote on January 16, 2015, 7:40 AM

I've always thought the idea of capital gains was a ridiculous one. Years ago I sold my house and bought a trailer so I could pay my debts and be a better citizen. "Uncle Sam" (he ain't no relative of mine) didn't like that and took 40% of the net and kept me from doing it. Like I hadn't already paid taxes on the money I had bought the house with? C'mon idjits.

PegCole17 wrote on January 16, 2015, 8:37 AM

That's a great feeling in so many ways. I once owned a commercial store front in an historic small Texas town. It became quite a burden once my real job required me to travel extensively. Between the mortgage payment, the store maintenance and bills, auctions to get sale items, and running the store on weekends, I was exhausted. I hope you get some well deserved rest and enjoy your celebration. Taking photos is a great way to capture the moment. All the best...

LilyDay wrote on January 16, 2015, 11:48 AM

It is good that is now finished for the two of you.

AngelSharum wrote on January 16, 2015, 1:04 PM

I'm glad that is over and don with for y'all. I know it was stressful.

Feisty56 wrote on January 16, 2015, 9:37 PM

I know if you hadn't recently had surgery, you'd be doing a happy dance. : )

wolfgirl569 wrote on January 16, 2015, 11:06 PM

Glad it sold and you are done with it. That has to be a relief.

Ruby3881 wrote on January 17, 2015, 12:06 AM

I hope it all works out in your favour, Barb. It seems no matter whether we have or don't have, the law always finds a way to take something from us....

OldRoadsOnceTraveled wrote on January 17, 2015, 12:18 AM

Good news! You deserve a chance to celebrate. I hope you're able to do it soon.

SLGarcia wrote on January 17, 2015, 11:08 AM

Wonderful news! I would imagine you feel a whole lot lighter now with that great weight off of your shoulders.

BarbRad wrote on January 20, 2015, 1:44 AM

I suppose it depends on whether the costs were already depreciated.

BarbRad wrote on January 20, 2015, 1:45 AM

Yup. Until we have to pay the capital gains tax.

BarbRad wrote on January 20, 2015, 1:46 AM

If you look through my profile you'll see some things I've written about our Santa Barbara trips so far.

BarbRad wrote on January 20, 2015, 1:47 AM

You don't live in the USA. Our president lives to raise taxes.

BarbRad wrote on January 20, 2015, 1:47 AM

I should be ready to roll in about two or three weeks.

BarbRad wrote on January 20, 2015, 1:48 AM

I already have some of the photos of the park in some past posts here. We did walk through the botanical gardens.

BarbRad wrote on January 20, 2015, 1:50 AM

It's already a relief. We are used to having one or two of the tenants call nearly every day in the past month with some problem on another. Now they get to call someone else. They may be lucky if he doesn't throw them out, especially the most demanding one. Most of the tenants are good ones who cause no problems now.

BarbRad wrote on January 20, 2015, 1:52 AM

I'm with you. It's almost impossible for people to plan ahead financially when tax laws keep changing. It's almost impossible to invest for retirement, but the government seems to like it that way to better control us.

BarbRad wrote on January 20, 2015, 1:53 AM

Selling a home is a piece of cake compared to this. Trust me.

BarbRad wrote on January 20, 2015, 1:55 AM

Fortunately we didn't have to run a business in any of our store fronts. We just had to maintain the building and collect the rents.

BarbRad wrote on January 20, 2015, 1:55 AM

It's very good. But we're still busy catching up with the stuff the process of selling kept us from doing.

BarbRad wrote on January 20, 2015, 1:56 AM

Very stressful.

BarbRad wrote on January 20, 2015, 1:57 AM

True. I'm probably not supposed to do any fancy steps, LOL!

BarbRad wrote on January 20, 2015, 1:57 AM

It's a very big relief.

WordChazer wrote on January 20, 2015, 1:57 AM

Right, that's a thought. I'm going to restart my stupid dogbot computer and I'll do that right away. presently it's pixelatedly jerky emoticon :sad:

BarbRad wrote on January 20, 2015, 1:58 AM

I'm afraid that's all too true. The governments stopped serving the people long ago.

BarbRad wrote on January 20, 2015, 1:58 AM

Me, too.

BarbRad wrote on January 20, 2015, 1:59 AM

That's true. Too bad it didn't come off my tummy.

bestwriter wrote on January 20, 2015, 2:05 AM

We too have a government that levies taxes on anything and everything but there are exemptions which only a tax consultant is able to see.

Ruby3881 wrote on January 20, 2015, 3:02 PM

Ain't that the truth! I had hopes, a few years ago when Jack Layton was at his political peak. He was the one politician I could truly say made me believe he had the best interests of the public at heart. Unfortunately, not long after he was elected Leader of the Opposition Jack passed away emoticon :sad:

Paulie wrote on January 23, 2015, 2:19 AM

Happy to hear that you sold your building finally. I also recently sold land I inherited from my parents and know that I too will have to pay some capital gains tax. Glad to see another Hubber. I must see if we are following each other on Hubpages.

BarbRad wrote on January 23, 2015, 9:49 PM

Those taxes sure make it hard to make much from real estate investments. I have two Hubpages accounts. The oldest is WannaB Writer. My Squidoo transfer account is under my user name here. What is your user name?