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Thanks Army Judge, I already had my fill of a widget of this type while working as a design engineer on the following. Multiple integrated laser engagement system - Wikipedia Thanks

Thanks Zigner. I've spoken to a few folks my age and all wish they had my problem. I kinda like to educate myself about this financial stuff. I'm kinda slow, but do the best I can.

Thanks adjusterjack!! I'll keep that in mind. Current wisdom is California Muni Funds/Bonds. My insurance broker is also my IRA manager. She's looking into it.

Thanks Army Judge, I've consulted a CPA and verified I'm on the right track.

Thank You flyingron, My SS, my wife's SS and her income are less than $60K gross. Add that to a taxable capital gain of $150K and you get $210K. This leaves me in the 15 percent capital gains bracket that has an upper limit of $501600. I just need to educate myself on which forms I need to...

Thanks Tax Counsel, I just read this. Topic No. 409 Capital Gains and Losses | Internal Revenue Service My earned income is maybe $5K once I take the standard deduction. So if I have $150K of capital gains, that will give me a total of $155K taxable income. This will put me in the 15...

Thanks Tax Counsel, A big part of my income is SS, much of which is not taxable. In addition, the married filing jointly standard deduction reduces my "taxable" income to almost nothing. Thank You for clarifying that for me. I can investigate how to include the "taxable" income along...

Thanks Army Judge I came to San Diego in 1976 for the first time right out of the Army. No family and only one friend. I had a duffle bag and $2000. It took me 13 years to put myself through electrical engineering college. I then worked 18 years in that field and retired 15 years ago at age...

Thanks Tax Counsel I've taken the worksheets from pub 523 and imbedded them in an excel spreadsheet where I can plug in the numbers and the results will be cranked out by excel. This makes it easier to change the numbers and get the results. I just need to do more research on how the capital...

Thanks Army Judge, I imagine the tax rate on capital gains and if the first $80K is exempt will be covered in IRS pubs somewhere. I've got a couple of years to figure it out. I've also got a couple of years to figure out what to do with the $500K. Thanks

Thanks zddoodah. Other thread is taxation. This is investment. I've found useful help on these forums. I' m looking for a direction to investigate and educate myself. I' m looking into California Municiple bond funds, but am not sure if the principle goes up or down, what are the tax...

Thanks Zigner, My other thread did not cover the rate at which capital gains are taxed. I thought it would make the other thread too convoluted to include the rate question in it. My question is if it is really true that the first $80000 of capital gains is not taxed for married filing joint...

I will receive $500000 from the sale of a rental property. I don't want to be a landlord anymore. I already have about $500000 in mutual funds that were rolled over from an IRA. I don't need this as income, but am beginning to take $30000 annual withdrawals because in another six years I...

I'm going to round numbers. I'm moving into a property for 2 years that I used as a rental. This will give me access to a $500000 maximum capital gains exclusion. When I sell the house, I will have $550000 in capital gains. I have worked through the worksheets in pub 523 and found that I...

Thanks Flyingiron Rental: I'm not trying to save the prop 13 base on the rental. I'm just moving there to get the capital gains exclusion. I don't want to be a landlord anymore. Current Residence: This is where I will need to move back to regardless if I sell it or not. I need to be there...

I can only use the exclusion once every 2 years. I can only use it for my primary residence at the time of sale. I want to use it for both the properties. Yes Married/Joint. I can also only use the prop 13 property base transfer once and it needs to be on my primary residence. I need to make...

Thank You flyingron I think Prop 13 is a statewide thing. 1978 California Proposition 13 - Wikipedia I am 66 and in San Diego County. FMV of rental is $500000. FMV of current residence is $1.5 to $1.7 million. Both properties are paid for. This is the Prop 13 base value preservation I am...

Thank You Tax Counsel I've read IRS Publication 523 and know that the only non-qualified years for the rental will be between 2009 and 2019 or 10 years out of the 32 I've owned the property or 22/32 X $500000. It is my current understanding of IRS Publication 523 that because I have...

Does prop 13 tax base preservation only work on a principle residence? I want to move from my current residence back into a rental for at least 2 years to take advantage of the $500K capital gain exclusion on the rental. While I am living in the rental I may prepare and sell my current...

Thank You adjusterjack, I actually need to do this twice. I currently live in a house I bought and moved to while renting the other house. I paid off the $200000 purchase price, but now don't want to deal with a pool and an acre of land anymore. The price of this house is now 1.7 million. I...