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I understand you can save cap gains (up to 250K single) with the "2 out of 5" year rule if the place is your "primary residence". Anyone know the particulars of this? I have a motorhome to park there and live, will this qualify? I just got an address for the acreage, as well as called today about getting power run to the property, however my primary mail address is elsewhere...does that matter? How do they establish a "primary residence"? What criteria?
Thanks y'all! First post...GREAT site!
You establish your primary residence by claiming it is your primary residence. Back up evidence is such things as receiving your mail there, having residential utilities (water, electricity, garbage pickup, etc at that address) is another backup data point. Voter registration is another backup. What it says on your drivers lisc can be a backup. List your claimed primary residence on all your insurance policies.
When preping for a move out of Kalifornia to Oklahoma and already having purchased property in OK, I got an address issued by the post office serving my area and put up a mailbox, I opened a bank account listing that address, I turned in my CA drivers lisc and got an OK lisc listing that address. The only actual "residence" was a pickup camper that was only there when I was there and that wasn't much or often for the first years.
It did start the clock ticking on the 6 months needed to apply for a concealed carry permit. Everyone has to be from somewhere and I was from Oklahoma starting with when I put up the mailbox etc.
Pat
Thanks for the reply Pat. I had considered many of those things as possibilites. No mail delivery there for one (PO Boxes). I was informed today that to have power run to my property I'd have to put in a well first (cart before the horse?). No garbage service out there, no utilities, etc. About all I accomplished was getting a real address for the property.
I was just curious about what SOLID foundation may be required for their technicalities. If I pitched a tent and "lived" there...who's to check, and who's to say I didn't?
The fellow that lives about a mile past me (1 of 2 neighbors in a 3 mile stretch) has no power, etc.
To bad we all have to almost become lawyers nowadays just to try to protect what is righfully ours...or at least a better share of it.
Use that address to open a bank account and do whatever you can to legitimize that address. Register to vote etc. Do change of address with your insurance and so forth.
Pat
I won't give you any advice about capital gains, taxes, etc., but we were full time RVers for 6 years. We lived in a fifth-wheel trailer from Jan. '89 to Oct. 92, then in a motorhome until the the first of '95. Prior to retiring, selling the house, and becoming full time RVers, we lived in Dallas. But during all our RV living, we used a mail forwarding service in Arlington, TX. The address on our bank account, drivers licenses, voter registration, etc. appeared as a simple street address with an apartment number. That number, of course, was simply our account number with the forwarding service. A lot of RVers do the same thing. And there are a number of such mail forwarding services, especially in Texas and Oregon. No income tax in Texas and no sales tax in Oregon (the last I heard anyway).
Alrighty then...thanks for weighing in fellas. I was thinking it was going to be a dry post after a few days! I thought "great, my first post and no takers"! [img]/forums/images/icons/confused.gif[/img]
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"great, my first post and no takers"!
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Just didn't want to weigh in too heavy on something I know little about. [img]/forums/images/icons/laugh.gif[/img]
And welcome to Countrybynet. [img]/forums/images/icons/tongue.gif[/img]
Yeah I know...my tears dried up after the second day! [img]/forums/images/icons/crazy.gif[/img]
And thanks for the wel [img]/forums/images/icons/grin.gif[/img] come!
Here's another weigh in. I'm in the process of relocating from Los Angeles to Missouri. My Real Estate broker has a file, just for my mail. I go in when I hit town & once a week until I leave.
I even have all my farm registrations w/ my broker. If I ever have to register my livestock, it'll be in his folder.