Quote:
Originally Posted by silver stallion
Thanks Boomer,
I was going to consult my tax man who has been doing my returns for years now, but realized his expertise is taxes not financial decisions. First I'll ask him for a recommendation of a financial adviser and see what he says. It's really a fine line on if a tax accountant of 40 years can advise me on questions I have about finances. I don't see the distinction between a financial adviser and a tax consultant. They are both aware of investing and spending to your advantage.
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Hi Silver,
About that fine line between the two, tax advice and financial advice, I know what you mean. Your tax guy can tell you stuff, and then, if you still need to know more stuff, he can tell you who can tell you more stuff. Sounds like a plan to me.
I have owned 7 houses, one at a time. So I became a little familiar with some of the things that go along with a sale and a buy.
You probably already know this, but in case you don't, I just have to throw this in here. The tax law changed in the late 90's regarding profit on the sale of a primary residence. It's not like it was back when it was a much smaller, once in a lifetime, exclusion. The change in tax law, more than a decade ago, is a whole lot friendlier. You can now sell your primary residence, buy something less expensive, and keep a serious amount of change without being taxed on capital gain.
Like I said, you probably know this, but in case you don't, here is a link to an article that explains it. (I have made a couple of people happy by telling them about this. People who had been in their homes for many years and assumed the cap gains still worked the old way.)
http://www.bankrate.com/finance/real...-owners-1.aspx
Well, here I am blathering away about taxes and I am not qualified to do so and you did not even ask. Oh well. I just like to help people find information. (Hey, maybe I need to go back to work. -- NOT!!)
Boomer