House totally ruined

Tecumsehsbones

Tecumsehsbones

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Mar 18, 2013
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Sal said:
that's funny you should mention that...for a while my city was having a dream home raffle ...lots of construction people and decorators get together and give of their time and construct a new home usually worth around $600,000. and then they raffle it for charity...I always thought my god if I won I couldn't afford to live in it, just the up keep and taxes alone would break me.
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Probably. I don't know Canada's tax laws, but down hereabouts any gift worth more'n $10,000 is taxed as ordinary income, which means about a third to the Fed and around 5% more in most states. That's right off. Then come the property taxes every year after.

If you give a $150,000 house to a person making minimum wage, you'll bankrupt her. Save her the pain and just give it to the state.
 
S

Sal

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Sep 29, 2007
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Tecumsehsbones said:
Probably. I don't know Canada's tax laws, but down hereabouts any gift worth more'n $10,000 is taxed as ordinary income, which means about a third to the Fed and around 5% more in most states. That's right off. Then come the property taxes every year after.

If you give a $150,000 house to a person making minimum wage, you'll bankrupt her. Save her the pain and just give it to the state.
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wow so could you give the house to her and then pay the government tax part or is that then taxed too
 
SLM

SLM

The Velvet Hammer
Mar 5, 2011
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Tecumsehsbones said:
Probably. I don't know Canada's tax laws, but down hereabouts any gift worth more'n $10,000 is taxed as ordinary income, which means about a third to the Fed and around 5% more in most states. That's right off. Then come the property taxes every year after.

If you give a $150,000 house to a person making minimum wage, you'll bankrupt her. Save her the pain and just give it to the state.
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There's no tax on lottery winnings.

The property tax would do you in though.
 
Tecumsehsbones

Tecumsehsbones

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SLM said:
There's no tax on lottery winnings.
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There isn't?

Wow.

Here they take the income tax off lottery winnings right off the top.

The property tax would do you in though.
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Oh, yeah.


Also. . .

So for being so surly with you this morning. I was having a very bad day. You didn't deserve it, and I apologize. I'll try hard not to do it again.
 
JLM

JLM

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Tecumsehsbones said:
There isn't?

Wow.

Here they take the income tax off lottery winnings right off the top.


Oh, yeah.


Also. . .

So for being so surly with you this morning. I was having a very bad day. You didn't deserve it, and I apologize. I'll try hard not to do it again.
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Not in Canada but unlike the U.S. you can't claim the losses either.
 
L

Ludlow

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Tecumsehsbones said:
Probably. I don't know Canada's tax laws, but down hereabouts any gift worth more'n $10,000 is taxed as ordinary income, which means about a third to the Fed and around 5% more in most states. That's right off. Then come the property taxes every year after.

If you give a $150,000 house to a person making minimum wage, you'll bankrupt her. Save her the pain and just give it to the state.
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yes I forgot about the buzzards. road to hell is paved with good intentions on that too I guess.
 
SLM

SLM

The Velvet Hammer
Mar 5, 2011
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Tecumsehsbones said:
There isn't?

Wow.

Here they take the income tax off lottery winnings right off the top.
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No there isn't. We don't have the monster jackpots that you guys have though.


Oh, yeah.


Also. . .

So for being so surly with you this morning. I was having a very bad day. You didn't deserve it, and I apologize. I'll try hard not to do it again.
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Already forgotten.
 
lindyloo646

lindyloo646

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Sep 10, 2008
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Most insurance policies have a clause definitively asking if the property is a rental unit, if the owners did not state they were renting it out...no insurance. Sad but true.
 
JLM

JLM

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lindyloo646 said:
Most insurance policies have a clause definitively asking if the property is a rental unit, if the owners did not state they were renting it out...no insurance. Sad but true.
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Been through that, if you are renting your place out expect the premiums to triple and coverage to be reduced.
 
JLM

JLM

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Ludlow said:
we all need to live in tents and all this whining will be a thang of the past
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Or people can just start to realize that in this life you very seldom get something for nothing! (Why would anyone even think that a stranger is going to care as much for a place as the owner?) :)
 
JLM

JLM

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bill barilko said:
Messed up maybe but in no way ruined that is bull.
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Yeah, I can understand your line of reasoning since it's someone else's house and you don't have to deal with it. What else would you deem should have been done to classify it as "ruined"? :)

damngrumpy said:
Couple of things, one i would not rent out my house to someone on line to start with,
Secondly why would the insurance company be held responsible? Insurance should
not be paying it drives our rates up to cover someone Else's stupidity.
Those responsible should pay not the the rest of us through premiums and last but
not least the people who own the house were not doing their duty either who would
rent under this condition from an on line transaction. We hear about landlords having
problems when things are done right let alone under these circumstances
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Absolutely- the first thing any person in his right mind would do is to advise the insurance company of what is going on and ensure the additional premiums are paid up front and add that to the damage deposit/rent. From sad experience I know a whole lot about renting my place out and I would never be in that situation again under any circumstances (or at least to no one under 90 years old and only then if both parents sign) :)
 
SLM

SLM

The Velvet Hammer
Mar 5, 2011
29,151
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London, Ontario
lindyloo646 said:
Most insurance policies have a clause definitively asking if the property is a rental unit, if the owners did not state they were renting it out...no insurance. Sad but true.
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The service provides for insurance from damage by renters when you sign up to rent through their site, it says so right in the article.
 
petros

petros

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Nov 21, 2008
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JLM said:
Yeah, I can understand your line of reasoning since it's someone else's house and you don't have to deal with it. What else would you deem should have been done to classify it as "ruined"? :)



Absolutely- the first thing any person in his right mind would do is to advise the insurance company of what is going on and ensure the additional premiums are paid up front and add that to the damage deposit/rent. From sad experience I know a whole lot about renting my place out and I would never be in that situation again under any circumstances (or at least to no one under 90 years old and only then if both parents sign) :)
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These people are covered. It's not a rental home. The people were guests
 
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