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End of the Line for the New England, Berkshire & Western?

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Posted by BRAKIE on Sunday, January 13, 2019 1:33 PM

E-L man tom
lease excuse my ignorance, but is the NEB&W that famed model railroad on the campus of Rennselaer Polytechnical Institute (RPI). As a former upstate New Yorker (Catskill Mt. area), I have read and heard much about that layout. If so. that, to me, is a shocker.

Yes, all to sadly that's the one that was featured in MR some years ago.

Larry

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Conductor

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Posted by E-L man tom on Sunday, January 13, 2019 1:14 PM

Please excuse my ignorance, but is the NEB&W that famed model railroad on the campus of Rennselaer Polytechnical Institute (RPI). As a former upstate New Yorker (Catskill Mt. area), I have read and heard much about that layout. If so. that, to me, is a shocker. I would have thought that, especially being a renowned engineering school, that they would have had it made, as far as permanency is concerned.

Tom Modeling the free-lanced Toledo Erie Central switching layout.
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Posted by rrebell on Sunday, January 13, 2019 10:19 AM

BigDaddy

In Annapolis, there was a court battle over of plastic trellis at a home in the historic district, locally nicknamed the hysterical district.

I've seen Sheldon's house a couple times.  And it is lovely.

This was granddaddy's house.  Admittedly a weird design.  Built by a bootlegger at around $60K and bought at discount by my grandfather when the owner went to prison.  He died too young, as the treatment for hypertension back then was a rice diet. 

We have a film of my uncle's bar mitzvah in 1937.  The basement had beautiful brick walls and people were literally drinking like fish and smoking like steam engines.  Freshman year in college had nothing on those folks.

As harsh as it sounds, my grandmother sold when an Afro American doctor moved in a couple houses away.  This house was turned into apartments at some point.  It looks like someone has restored it and from it's nader.  

In 2008 it sold for $371,000

In 2012 Fannie Mae (a US govt mortgage firm)  sold it for $163,000  9000 square feet and a view of a lake (reservoir.)  That tells you all you need to know about the neighborhood.

In the 30's to early 1950's it was the place to live and send your kids to public school.  Now not so much.  My grandmother made the right decision.

Somewhere there is a picture of me as an infant in or outside the house, I do not remember it or more than a single snapshot memory of my grandfather. 

If I could find it, maybe I would break my Baltimore ban and knock on their door with my metal detector.  Family history has it that grandfather buried gold coins in Prince Albert tobacco cans in the tomato garden.

 

Wow, people like your grandmother made me my fortune. Back in the day, people would move a person of color into an all white neigborhood and most of the white people would leave called blockbusting. Got my start with what they called reverse blockbusting but it was a different as it was the poor in general who were fleeing (gentrification they call it now). Our group had the invite to participate in a this old house type show back in the 70's but we were all too busy and none of us saw a future doing this, boy were we wrong but then again only This old house made it, in those early days and our specialty was renovation, not restoration, though I learned to re-cove ceilings and cast replacement plaster, repair stained glass windows, repair intricate floors ect. etc.

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Posted by SeeYou190 on Sunday, January 13, 2019 8:27 AM

ATLANTIC CENTRAL
Staying right here looks better all the time..........

.

Yes, I 100% agree. I am going to stay right here also. This place looks great, and even better now.

.

-Kevin

.

Wink Happily modeling my STRATTON & GILLETTE RAILROAD. A Class A line located in a personal fantasy world of semi-plausible nonsense on Tuesday, August 3rd, 1954.

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Posted by BATMAN on Saturday, January 12, 2019 10:16 PM

rrebell
Very reasonable, houses were I used to live avg. $2,660.000 Cad and in Palo Alto, close by they avg. $3,730,650. A realy nice area is more like $5,550,000 Cad. That is for average.

The 3.7m is about what I would get for my place, but I am an hour SE of Vancouver in the sticks.

Brent

It's not the age honey, it's the mileage.

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 10:13 PM

rrebell

 

 
BATMAN

 

 
ATLANTIC CENTRAL

So Brent, I had some of the current details wrong, but the overal result is about the same as it applies to our situation.

Sheldon

 

 

 

Close enough.

Do you have old houses that are designated "heritage houses?"

My Brother-in-law bought two houses designated heritage houses side by side about thirty years ago and has not done that well as far as increasing value of the properties. He is regretting the move I am sure. He is so limited on what can be done with them, fewer and fewer people would be interested in buying a house with such restraints. He has fixed them up nicely but it is two heritage houses surrounded by modern development.

We have a saying up here in Vancouver. "if you ever leave you can never afford to come back". Real estate prices are so high that in Vancouver proper, 2 million CA will get you the dumpiest place in town.

In 1960 my parents bought a brand new house outside of Vancouver for $16.000.00. I noticed it sold for just over 2 million not long ago. In 1960 it was a nice new middle-class home in a nice new subdivision. The area is still really nice but the house is old and will likely be bulldozed in the near future.

My kids are resigned to the fact they won't be living in the Vancouver area. My son will if he continues on in the movie biz, but then he will make enough doing so. A decent house will cost you 3 million. That's $20,000.00 a month mortgage payment. Only New Zealand where our friend Bear lives is more expensive.

 

 

 

 

Very reasonable, houses were I used to live avg. $2,660.000 Cad and in Palo Alto, close by they avg. $3,730,650. A realy nice area is more like $5,550,000 Cad. That is for average.

 

 

Staying right here looks better all the time..........

Sheldon

    

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Posted by rrebell on Saturday, January 12, 2019 10:05 PM

BATMAN

 

 
ATLANTIC CENTRAL

So Brent, I had some of the current details wrong, but the overal result is about the same as it applies to our situation.

Sheldon

 

 

 

Close enough.

Do you have old houses that are designated "heritage houses?"

My Brother-in-law bought two houses designated heritage houses side by side about thirty years ago and has not done that well as far as increasing value of the properties. He is regretting the move I am sure. He is so limited on what can be done with them, fewer and fewer people would be interested in buying a house with such restraints. He has fixed them up nicely but it is two heritage houses surrounded by modern development.

We have a saying up here in Vancouver. "if you ever leave you can never afford to come back". Real estate prices are so high that in Vancouver proper, 2 million CA will get you the dumpiest place in town.

In 1960 my parents bought a brand new house outside of Vancouver for $16.000.00. I noticed it sold for just over 2 million not long ago. In 1960 it was a nice new middle-class home in a nice new subdivision. The area is still really nice but the house is old and will likely be bulldozed in the near future.

My kids are resigned to the fact they won't be living in the Vancouver area. My son will if he continues on in the movie biz, but then he will make enough doing so. A decent house will cost you 3 million. That's $20,000.00 a month mortgage payment. Only New Zealand where our friend Bear lives is more expensive.

 

 

Very reasonable, houses were I used to live avg. $2,660.000 Cad and in Palo Alto, close by they avg. $3,730,650. A realy nice area is more like $5,550,000 Cad. That is for average.

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 9:55 PM

By the way, thanks to both Henry and Brent for their kind words about my previous home and my work.

It is a privilege to earn a living doing something that you love.

Sheldon 

    

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 9:32 PM

BigDaddy

In Annapolis, there was a court battle over of plastic trellis at a home in the historic district, locally nicknamed the hysterical district.

I've seen Sheldon's house a couple times.  And it is lovely.

This was granddaddy's house.  Admittedly a weird design.  Built by a bootlegger at around $60K and bought at discount by my grandfather when the owner went to prison.  He died too young, as the treatment for hypertension back then was a rice diet. 

We have a film of my uncle's bar mitzvah in 1937.  The basement had beautiful brick walls and people were literally drinking like fish and smoking like steam engines.  Freshman year in college had nothing on those folks.

As harsh as it sounds, my grandmother sold when an Afro American doctor moved in a couple houses away.  This house was turned into apartments at some point.  It looks like someone has restored it and from it's nader.  

In 2008 it sold for $371,000

In 2012 Fannie Mae (a US govt mortgage firm)  sold it for $163,000  9000 square feet and a view of a lake (reservoir.)  That tells you all you need to know about the neighborhood.

In the 30's to early 1950's it was the place to live and send your kids to public school.  Now not so much.  My grandmother made the right decision.

Somewhere there is a picture of me as an infant in or outside the house, I do not remember it or more than a single snapshot memory of my grandfather. 

If I could find it, maybe I would break my Baltimore ban and knock on their door with my metal detector.  Family history has it that grandfather buried gold coins in Prince Albert tobacco cans in the tomato garden.

 

Henry,

I know where that house is, 3000 Powhatan Ave in west Baltimore, at the corner of Powhatan and Hilton, across the street from the Lake Ashburton reservior. The neighborhood is called Forest Park.

I don't know how that neighborhood is these days, but many of those neighborhoods have come back somewhat, some a lot. Still lots of wonderfiul old houses - if you can live in the city.....

Yes, in the day, that was serious upper middle class territory......

Sheldon

    

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Posted by BigDaddy on Saturday, January 12, 2019 9:03 PM

In Annapolis, there was a court battle over of plastic trellis at a home in the historic district, locally nicknamed the hysterical district.

I've seen Sheldon's house a couple times.  And it is lovely.

This was granddaddy's house.  Admittedly a weird design.  Built by a bootlegger at around $60K and bought at discount by my grandfather when the owner went to prison.  He died too young, as the treatment for hypertension back then was a rice diet. 

We have a film of my uncle's bar mitzvah in 1937.  The basement had beautiful brick walls and people were literally drinking like fish and smoking like steam engines.  Freshman year in college had nothing on those folks.

As harsh as it sounds, my grandmother sold when an Afro American doctor moved in a couple houses away.  This house was turned into apartments at some point.  It looks like someone has restored it and from it's nader.  

In 2008 it sold for $371,000

In 2012 Fannie Mae (a US govt mortgage firm)  sold it for $163,000  9000 square feet and a view of a lake (reservoir.)  That tells you all you need to know about the neighborhood.

In the 30's to early 1950's it was the place to live and send your kids to public school.  Now not so much.  My grandmother made the right decision.

Somewhere there is a picture of me as an infant in or outside the house, I do not remember it or more than a single snapshot memory of my grandfather. 

If I could find it, maybe I would break my Baltimore ban and knock on their door with my metal detector.  Family history has it that grandfather buried gold coins in Prince Albert tobacco cans in the tomato garden.

Henry

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 8:08 PM

BATMAN

Beautiful home Sheldon. I have always liked front porches even on modern homes.. Something about sitting out front with the guitar even on a rainy day.

You said once your house was on a TV show. What's it called? It's may be on You-Tube. Would like to see that tour.

 

Our house was on Restore America, a show on HGTV in the early 2000's. I would have to look up the info. We have it on video cassette, I have no idea if it is on the web anywhere.

It was very short segment done with still photos. They wanted us for their live action feature house, but we could not be here for their shooting schedule in this area.

So it was my 6 minutes of fame.....

Sheldon 

 

    

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Posted by BATMAN on Saturday, January 12, 2019 8:02 PM

Beautiful home Sheldon. I have always liked front porches even on modern homes.. Something about sitting out front with the guitar even on a rainy day.

You said once your house was on a TV show. What's it called? It's may be on You-Tube. Would like to see that tour.

Brent

It's not the age honey, it's the mileage.

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 7:56 PM

BATMAN

 

 
ATLANTIC CENTRAL

So Brent, I had some of the current details wrong, but the overal result is about the same as it applies to our situation.

Sheldon

 

 

 

Close enough.

Do you have old houses that are designated "heritage houses?"

My Brother-in-law bought two houses designated heritage houses side by side about thirty years ago and has not done that well as far as increasing value of the properties. He is regretting the move I am sure. He is so limited on what can be done with them, fewer and fewer people would be interested in buying a house with such restraints. He has fixed them up nicely but it is two heritage houses surrounded by modern development.

We have a saying up here in Vancouver. "if you ever leave you can never afford to come back". Real estate prices are so high that in Vancouver proper, 2 million CA will get you the dumpiest place in town.

In 1960 my parents bought a brand new house outside of Vancouver for $16.000.00. I noticed it sold for just over 2 million not long ago. In 1960 it was a nice new middle-class home in a nice new subdivision. The area is still really nice but the house is old and will likely be bulldozed in the near future.

My kids are resigned to the fact they won't be living in the Vancouver area. My son will if he continues on in the movie biz, but then he will make enough doing so. A decent house will cost you 3 million. That's $20,000.00 a month mortgage payment. Only New Zealand where our friend Bear lives is more expensive.

 

 

The short answer is no, no "heritage houses".

But the detailed truth is complex.

The Federal Government has the National Register of Historic Places, which does help homeowners protect their property from outside forces that would damage its historic setting, but believe it or not, private properties on that register are not protected from change or even demolition by their owners unless they take federal grant money, which is seldom available. Why, because of States Rights and personal sovereighty of property ownership.

THEN, the next level is historic recognition at a State or Local Government level. This varies greatly from State to State, remember in many ways we are still 50 little countries..... But generally, homeowners have to agree to such listing, and that does usually come with both restrictions and tax benifits.

Then, on the town or county level, local governments can impower historic preservation commissions, with very strict rules. But these require nearly unanimous homeowner approval to create from scratch. So where they already exist, they have power, not many new ones being created....

Our house is not on any such lists or registers, or under any such control.

BUT, our zoning is a special "histoic presevation" zoning for the whole village, which does provide benifits to those who choose to keep their houses more original.

23 years ago we were able to rebuild the missing turret on our house without an exception dispite newer height restrictions for residential construction. And no one questioned rebuilding the porch with the same 28" railing it was built with in 1901.

We had similar benifits just two years ago working on another old house. Part of our nearby town of Havre de Grace is a National Register Historic Distric, and the town controls their own building permit process. So we were allowed to keep all sorts of stuff that would not meet current codes even though some parts of the bulding needed major reconstruction. Notice lack of railings on the porch. We have proof it never had any.

That was this property:

This house, now restored is worth about 1.3 million here. It has a view of the Chesapeake Bay headwaters and the Susquehanna River from that porch gazebo.

Not anything like Vancouver prices......

They paid $400,000. The restoration cost about $500,000

Sheldon 

 

 

    

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Posted by BATMAN on Saturday, January 12, 2019 7:28 PM

ATLANTIC CENTRAL

So Brent, I had some of the current details wrong, but the overal result is about the same as it applies to our situation.

Sheldon

 

Close enough.

Do you have old houses that are designated "heritage houses?"

My Brother-in-law bought two houses designated heritage houses side by side about thirty years ago and has not done that well as far as increasing value of the properties. He is regretting the move I am sure. He is so limited on what can be done with them, fewer and fewer people would be interested in buying a house with such restraints. He has fixed them up nicely but it is two heritage houses surrounded by modern development.

We have a saying up here in Vancouver. "if you ever leave you can never afford to come back". Real estate prices are so high that in Vancouver proper, 2 million CA will get you the dumpiest place in town.

In 1960 my parents bought a brand new house outside of Vancouver for $16.000.00. I noticed it sold for just over 2 million not long ago. In 1960 it was a nice new middle-class home in a nice new subdivision. The area is still really nice but the house is old and will likely be bulldozed in the near future.

My kids are resigned to the fact they won't be living in the Vancouver area. My son will if he continues on in the movie biz, but then he will make enough doing so. A decent house will cost you 3 million. That's $20,000.00 a month mortgage payment. Only New Zealand where our friend Bear lives is more expensive.

 

Brent

It's not the age honey, it's the mileage.

https://www.youtube.com/user/BATTRAIN1

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Posted by BATMAN on Saturday, January 12, 2019 7:03 PM

BigDaddy
I would have to take an eskimo walk in the woods before I did that. 

Actually, they go sit out on the ice flows and wait for the next Polar Bear.Dinner

I agree wholeheartedly about the old geezer's facility, no thanks. I have been careful to observe those that came and went before me, none of them that surrendered to the old folks home did well, it was a short stay. 

My family still shows a somewhat hearty side displayed by the family pioneers of the past. I use to backpack into the mountains, even in the middle of Winter. I think I will put all terrain tires on my scooter if I ever need one and head into the Rockies. Won't be a Polar bear, but maybe a Grizzly.Laugh

Brent

It's not the age honey, it's the mileage.

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 6:50 PM

So Brent, I had some of the current details wrong, but the overal result is about the same as it applies to our situation.

Sheldon

    

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 6:48 PM

rrebell

 

 
ATLANTIC CENTRAL

 

 
mbinsewi

The task and logistics of removing something like this must be monumental.

The rolling stock, structures, infastructure such as briges, track, turn outs, wiring, signals, wow, a lot of stuff to deal with.

And then there's the removal of the scenery and benchwork, all into dumpsters, and they are located in a down town city location.  It's not like you can park a dumpster out the door or a window.

What a job.

And I think about when we want to move to a retirement community (5, maybe 8 years) to get away from the stairs in our current cape cod, with a full basement, and my current layout is only about 52 sq. ft. ! Laugh  A piece of cake!

Mike.

 

 

 

Yes, moving or dismantling the BSME will be a job. They have both HO and O scale layouts.

Retirement community? What kind of retirement community? I would rather just steer the truck into a bridge abutment......but that's just me, I could not live around a bunch of people in one of those places.

At 61 and 63, the wife and I just moved from the 2-1/2 story 4,000 sq ft 1901 Queen Anne into a 2200 sq ft brick rancher. My plan is to be carried out.....

The new basement allows me about 1400 sq ft for my next layout, which will fill every possible sq ft. 

But, it will be built in such a way that if/when necessary, it can be removed without cutting it up. Just in case I do want to move again, or someone actually wants the layout when I am gone. If I go first, the wife can give it to anyone willing to move it, trains and all.

Yes, clubs should own there buildings.......

Sheldon

 

 

 

How can you give up a restored building like that ? Like I should talk, I gave up a fully renovated 1896 on Baltimores millionaires row many years ago, still miss the stained glass and marble mantels.

 

 

It's easy. It is time for someone else to be the steward of that property. I did my part in carefully restoring it 23 years ago, and caring for it until now. We likely saved it from demolition.

Now someone else can enjoy her, with up to date wiring, plumbing and heating, but with the original plaster walls, woodwork, slate roof, and more.

I work on houses like this every day for other people, I'm ready for some different personal adventures.

Sheldon

    

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 6:43 PM

BigDaddy

 

 
rrebell
I gave up a fully renovated 1896 on Baltimores millionaires row many years ago

 

I was going to ask where you lived?  Not sure what millionaires row is or was. Homeland?  Loved the brownstones on St Paul, Calvert and Charles St and Bolton Hill. Tom Clancy's multimillion dollar home was somewhere near the Inner Harbor. They gentrified Canton, which was where some chrome factory was and where they would park the RB-B&B circus train.  I need to go find my pictures of that.

Sheldon, I edited my post.  I use an accountant because tax law isn't entirely black and white.  At least some years, he has saved me money and in all years, he has saved me aggravation.  He had a radical prostatectomy 2 years ago which they said would be a 95% cure and now his PSA is increasing, should be 0.

The last retired doctors luncheon I went to, half the people were talking about a local, retirement, end of life nursing facility.  I would have to take an eskimo walk in the woods before I did that. 

 

I understand.

Sheldon

    

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 6:42 PM

rrebell

 

 
ATLANTIC CENTRAL

Brent, here we have a one time capital gains tax exclusion on the sale of a principal residence. But, on any principal residence real estate sale, there is no capital gains tax if you buy another property of equal or greater value. 

So the exclusion is aimed at people like us, selling the big house, and buying one only half its value.

Yes, the sale of the rentals will be taxed, but who cares, they have more than doubled in value in 23 years, and have been largely tax free income as we are allowed to write off depreciation, and apply paper losses against other income.

But once a few repairs are made for sale, the net gain will be reasonable and the capital gains tax reasonable.....now that our income is in a lower bracket with the wife retired.

We have always managed our own properties, and only recently, last 3-4 years, has it started become tiresome. At one point we did have 6 rentals, we got out of 3 of them over a decade ago when the market was real strong. 

We are also now about 30 minutes farther away from those properties, that is a factor too.

First one those goes on the market Feb 1, likely sell one a year for the next three years....

Our new home was built in 1964, and about that same time, the construction of I-95 caused this little village we live in to be bypassed by the relocation of a state highway. So its a sleepy little spot, but close to everything, and built out enough to likely not change much for a very long time.

We spent $375,000. That buys a fair amount around here, but this place is really worth about $420,000. It was an estate and the 50 year old grown kids just wanted it gone. Their parents took perfect care of this place right to end.

Sheldon

 

 

 

 

 

 

Wrong, all personal residences are taxed but the first $250,000 single or $500,000 couple is tax free, 20% tax on the rest plus 4% more if you make over a certain amount (obamacare tax). Used to be you could do this ever 2 years but that has changed too.

 

 

Again, things have changed, and I have not had reason to keep up in more than a decade. Anyway our net profits are well below those limits since we don't live in the land of crazy real estate prices, or crazy living costs.

And none of this will matter until this time next year.......

Sheldon

    

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Posted by BigDaddy on Saturday, January 12, 2019 6:37 PM

rrebell
I gave up a fully renovated 1896 on Baltimores millionaires row many years ago

I was going to ask where you lived?  Not sure what millionaires row is or was. Homeland?  Loved the brownstones on St Paul, Calvert and Charles St and Bolton Hill. Tom Clancy's multimillion dollar home was somewhere near the Inner Harbor. They gentrified Canton, which was where some chrome factory was and where they would park the RB-B&B circus train.  I need to go find my pictures of that.

Sheldon, I edited my post.  I use an accountant because tax law isn't entirely black and white.  At least some years, he has saved me money and in all years, he has saved me aggravation.  He had a radical prostatectomy 2 years ago which they said would be a 95% cure and now his PSA is increasing, should be 0.

The last retired doctors luncheon I went to, half the people were talking about a local, retirement, end of life nursing facility.  I would have to take an eskimo walk in the woods before I did that. 

Henry

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Posted by rrebell on Saturday, January 12, 2019 6:26 PM

ATLANTIC CENTRAL

Brent, here we have a one time capital gains tax exclusion on the sale of a principal residence. But, on any principal residence real estate sale, there is no capital gains tax if you buy another property of equal or greater value. 

So the exclusion is aimed at people like us, selling the big house, and buying one only half its value.

Yes, the sale of the rentals will be taxed, but who cares, they have more than doubled in value in 23 years, and have been largely tax free income as we are allowed to write off depreciation, and apply paper losses against other income.

But once a few repairs are made for sale, the net gain will be reasonable and the capital gains tax reasonable.....now that our income is in a lower bracket with the wife retired.

We have always managed our own properties, and only recently, last 3-4 years, has it started become tiresome. At one point we did have 6 rentals, we got out of 3 of them over a decade ago when the market was real strong. 

We are also now about 30 minutes farther away from those properties, that is a factor too.

First one those goes on the market Feb 1, likely sell one a year for the next three years....

Our new home was built in 1964, and about that same time, the construction of I-95 caused this little village we live in to be bypassed by the relocation of a state highway. So its a sleepy little spot, but close to everything, and built out enough to likely not change much for a very long time.

We spent $375,000. That buys a fair amount around here, but this place is really worth about $420,000. It was an estate and the 50 year old grown kids just wanted it gone. Their parents took perfect care of this place right to end.

Sheldon

 

 

 

 

Wrong, all personal residences are taxed but the first $250,000 of profit single or $500,000 couple is tax free, 20% tax on the rest plus 4% more if you make over a certain amount (obamacare tax). Used to be you could do this ever 2 years but that has changed too.

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Posted by rrebell on Saturday, January 12, 2019 6:09 PM

ATLANTIC CENTRAL

 

 
mbinsewi

The task and logistics of removing something like this must be monumental.

The rolling stock, structures, infastructure such as briges, track, turn outs, wiring, signals, wow, a lot of stuff to deal with.

And then there's the removal of the scenery and benchwork, all into dumpsters, and they are located in a down town city location.  It's not like you can park a dumpster out the door or a window.

What a job.

And I think about when we want to move to a retirement community (5, maybe 8 years) to get away from the stairs in our current cape cod, with a full basement, and my current layout is only about 52 sq. ft. ! Laugh  A piece of cake!

Mike.

 

 

 

Yes, moving or dismantling the BSME will be a job. They have both HO and O scale layouts.

Retirement community? What kind of retirement community? I would rather just steer the truck into a bridge abutment......but that's just me, I could not live around a bunch of people in one of those places.

At 61 and 63, the wife and I just moved from the 2-1/2 story 4,000 sq ft 1901 Queen Anne into a 2200 sq ft brick rancher. My plan is to be carried out.....

The new basement allows me about 1400 sq ft for my next layout, which will fill every possible sq ft. 

But, it will be built in such a way that if/when necessary, it can be removed without cutting it up. Just in case I do want to move again, or someone actually wants the layout when I am gone. If I go first, the wife can give it to anyone willing to move it, trains and all.

Yes, clubs should own there buildings.......

Sheldon

 

How can you give up a restored building like that ? Like I should talk, I gave up a fully renovated 1896 on Baltimores millionaires row many years ago, still miss the stained glass and marble mantels.

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 6:04 PM

BigDaddy

 

 
BATMAN
Just curious about the tax you pay on the sale of your home. We pay no tax on the sale of our "principal residence" but pay a capital gains tax on recreation or investment or second or other residences

 

On your home, that you have lived in for at least 2 years, capital gains is excluded for $250,000 if you are single and $500,000 if you are married.  If you bought 30 or 40 years ago in many areas in California, NYC, areas around DC or certain waterfront properties, your capital gains may exceed that, even though you have only a summer shack on the property.

I've never been real estate savvy.  We just bought some property for our retirement home and the sellers are doing a 1031 exchange, which allows them to roll over the profits into another property. 

If one is liquidating their investment properties, then capital gains tax applies.  That depends on income.  In the unlikely event you have little income, the rate is 0.  Above $470K married it's 20% plus a few percent tacked on for Medicare, plus state taxes, which vary from 0 to 18% NY and CA I think.

Disclaimer:  Don't get your tax advice from some guy on a MR forum on the Internet.

 

Yes, I will be getting refreshed on all the latest rules as we make all these changes. I pay for good advice but always actually do my own taxes......

Sheldon 

    

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Posted by rrebell on Saturday, January 12, 2019 6:03 PM

BigDaddy

 

 
ATLANTIC CENTRAL
The Baltimore Society of Model Engineers, one of the oldest clubs in the country, formed in 1932, has also just been told they must move from their long time downtown Baltimore location.

 

In November, someone was shot in a robbery at a bus stop in broad daylight two blocks away.  I'm surprised the club is still in that location.  They have O and HO scale and their final open house is a week from tomorrow.

http://www.modelengineers.com/home.html

 

I visited when I lived in Baltimore.

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Posted by BigDaddy on Saturday, January 12, 2019 5:53 PM

BATMAN
Just curious about the tax you pay on the sale of your home. We pay no tax on the sale of our "principal residence" but pay a capital gains tax on recreation or investment or second or other residences

On your home, that you have lived in for at least 2 years, capital gains is excluded for $250,000 if you are single and $500,000 if you are married.  edit Sheldon says you can still buy an equal or more expensive home without consequences.  He is in the business, I am not.

If you bought 30 or 40 years ago in many areas in California, NYC, areas around DC or certain waterfront properties, your capital gains may exceed that, even though you have only a summer shack on the property. 

My college roommate bought lake side on an old summer camp in NH.  It seemed like out in the middle of no where and we were not induce to buy.  Just as well because my ex wife would now own it.  He is surrounded by mulitmillion dollar homes.  The oldest people on the lake, moved 40 or 50 years ago and live in tiny homes.  The problem is the NH has no income tax so the property tax is huge.  You can be taxed out of your home. 

I've never been real estate savvy.  We just bought some property for our retirement home and the sellers are doing a 1031 exchange, which allows them to roll over the profits into another property. 

If one is liquidating their investment properties, then capital gains tax applies.  That depends on income.  In the unlikely event you have little income, the rate is 0.  Above $470K married it's 20% plus a few percent tacked on for Medicare, plus state taxes, which vary from 0 to 18% NY and CA I think.

Disclaimer:  Don't get your tax advice from some guy on a MR forum on the Internet.

Henry

COB Potomac & Northern

By the Chesapeake Bay

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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 5:26 PM

Howard Zane

Probably 90% of the clubs I have known have lost their space  at least once.....some in only  a year. Some clubs have built their own building and if the finances can be worked out...it is by far the best way to go. While in the Army during the 60's, I was privy to visit a really great Pennsy steam era layout. It was built in a stripped down construction trailer purchased for under $1000. I think it was either 50' or 60' x 10'.

The builder was a career Army engineer and construction was flawless and strong. The beauty of this was mobility. Being in the Army meant being transferred often and he was. When overseas, the Army would store the trailer in the motor pool and if moved stateside, the Army would tow it. He painted it dark flat brown and had brown wood skirts to hide wheels and open spaces. Today zoning could be difficult, but certainly worth a try. He was a full colonel, but possibly lessor ranks would not enjoy the priviledges he had.

Food for thought,

HZ

 

Yes, you pretty much have to be some place rural to not have any zoning issues with something like that. 

Here in Harford County, with AG or RR zoning you would be home free. Any place around here where you could park a travel trailer or motor home, you could park a box on wheels with model train layout inside.

This county does not have restrictions on that stuff, but some of the cookie cutter subdivisions have nasty HOA's with restrictions - why do people want to live like that?

Sheldon

    

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  • From: Maryland
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Posted by ATLANTIC CENTRAL on Saturday, January 12, 2019 5:12 PM

Brent, here we have a one time capital gains tax exclusion on the sale of a principal residence. But, on any principal residence real estate sale, there is no capital gains tax if you buy another property of equal or greater value. 

So the exclusion is aimed at people like us, selling the big house, and buying one only half its value.

Yes, the sale of the rentals will be taxed, but who cares, they have more than doubled in value in 23 years, and have been largely tax free income as we are allowed to write off depreciation, and apply paper losses against other income.

But once a few repairs are made for sale, the net gain will be reasonable and the capital gains tax reasonable.....now that our income is in a lower bracket with the wife retired.

We have always managed our own properties, and only recently, last 3-4 years, has it started become tiresome. At one point we did have 6 rentals, we got out of 3 of them over a decade ago when the market was real strong. 

We are also now about 30 minutes farther away from those properties, that is a factor too.

First one goes on the market Feb 1, likely sell one a year for the next three years....

Our new home was built in 1964, and about that same time, the construction of I-95 caused this little village we live in to be bypassed by the relocation of a state highway. So its a sleepy little spot, but close to everything, and built out enough to likely not change much for a very long time.

We spent $375,000. That buys a fair amount around here, but this place is really worth about $420,000. It was an estate and the 50 year old grown kids just wanted it gone. Their parents took perfect care of this place right to end.

Sheldon

 

 

 

    

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Posted by BATMAN on Saturday, January 12, 2019 4:45 PM

Sheldon, one thing I was going to add was a story about my wife's Uncle, a great guy I really get along with. He had a beautiful home on acreage up a mountain with a view as far as the eyes could see. His 5 kid's, one a paramedic, badgered him relentlessly to move into town saying it would take an ambulance 25 minutes to get to you. He finally gave in and did so, to a seniors condo complex. Ten years later he is still alive, big strong and healthy, but the day he left his home it was as if his soul was sucked out of him. We talk every time we see each other about the mistake they made leaving their home. I say I would gladly risk the long ambulance response and be happy about where I am. He sure wishes he could turn back the clock. My kids have also seen Uncles mistake take its toll and completely understand our way of thinking. Where we are looking it would be a helicopter response anyway.

Just curious about the tax you pay on the sale of your home. We pay no tax on the sale of our "principal residence" but pay a capital gains tax on recreation or investment or second or other residences (s). I think the tax on those is pretty fair, though when I started selling off my investment properties the cheque I had to write the government was a lot for this blue-collar guy to take.Laugh 

I hated being a landlord/babysitter, even after I had a company take over the duties. As soon as my financial goals had been met I was out of that business. I bought my places starting in my late teens and was out by 37 I believe. I am 63 on the 29th and think about what they are worth now. Absolutely no regrets getting rid of them, by forty I was on easy street and got married, had a job I loved, other than health issues, life is perfect.

 

 

Brent

It's not the age honey, it's the mileage.

https://www.youtube.com/user/BATTRAIN1

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Posted by Howard Zane on Saturday, January 12, 2019 4:41 PM

Probably 90% of the clubs I have known have lost their space  at least once.....some in only  a year. Some clubs have built their own building and if the finances can be worked out...it is by far the best way to go. While in the Army during the 60's, I was privy to visit a really great Pennsy steam era layout. It was built in a stripped down construction trailer purchased for under $1000. I think it was either 50' or 60' x 10'.

The builder was a career Army engineer and construction was flawless and strong. The beauty of this was mobility. Being in the Army meant being transferred often and he was. When overseas, the Army would store the trailer in the motor pool and if moved stateside, the Army would tow it. He painted it dark flat brown and had brown wood skirts to hide wheels and open spaces. Today zoning could be difficult, but certainly worth a try. He was a full colonel, but possibly lessor ranks would not enjoy the priviledges he had.

Food for thought,

HZ

Howard Zane

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