So I'm thinking of moving to Vegas... help? (some kinda-tax stuff)

[uncleshady]

Those other guys like to argue about math. Im a Film major, I dont understand math lol.

[PSW]

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there are a number of costs associated with buying/owning that are cheaper/nonexistant when renting.

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For example?

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Off the top of my head -- two things:

Insurance - renters insurance just covers your personal property in the house. Homeowners insurance covers you personal property AND the real property (house).

Maintenance/Repairs - if your renting and the washing machine, dish washer, heater, etc breaks - call your landlord or management company. If your an owner, you have to get it fixed and pay for it yourself.

Myself, I own but I've been where I am or a while and plan on being here a while longer.

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1. interest
2. property tax
3. insurance
4. maintenance/repairs
5. higher utility charge

Also don't forget when you sell your house you are likely to pay 6% agent fees PLUS buyer's closing cost.

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Whatever you do... PLEASE DON'T BUY A HOUSE!

(It keeps driving the rent up in all my places.) Talking about BANK!

Can you deduct the rent from your taxes?

Yes, you may pay 6% for selling, but you only pay $1000 in closing costs if you house is priced $1000 too high.

No, if you think you probably are not staying in a place more than 2 years, then the risks probably suggest you should rent. But if there is a 60% chance you will stay longer than 3 years and only a 20% chance you would move before 18 months... Well, it's starting to sound like a poker decision... I'm going w/ EV+ in buying.

As to the guy talking about renting out your rooms... now you are talking about a part time job and you better educate yourself before you jump in. Making the wrong moves as a landlord can be extreemly expensive. Read the law and join a property association whereever you move to.

psw

[PSW]

I really hate articles like the one in the NYT posted. They start adding up all the interest payments and say "look how much this is" and forget to add up all the rent that is going out the window too.

Sure there is the AMT too, but you have to be making tons before that kicks in. Chances are a single guy doesn't have that many deductions ect....

Read the article. But then check the math on each thing listed for you. You will find that most of it doesn't apply to you specifically.

Now, given that you don't WANT to own. Well, that's the best argument yet for not doing it. You want freedom. There isn't anything wrong with that.

psw

[Iolaus]

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I was looking at the Green Valley area?

Any other areas that are nice?

I'm also looking for opinions of people who actually LIVE there about stuff to do, but haven't gotten as much as I'd have liken.

Also, there's almost no way I'll buy right now, especially in Vegas. I just can't see myself staying there long enough to even begin to reach a break-even point.

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My wife and I moved here in June 2004 from Pennsylvania mainly for a climate change. We both got sick of shoveling snow. [img]/images/graemlins/smirk.gif[/img]

We love it here. We rent in the Northwest part of town near but not in Summerlin. 1200 ft.^2, 2BR, 2BA in a community that caters to dog owners, about $930/mo.

As far as things to do...almost every major musical artist/group that goes on tour comes to Las Vegas. For example, we're going to a U2 show on Friday.

Mt. Charleston, the highest peak in Nevada, is about a 45 minute drive. Here you can participate in winter sports, ie skiing or snowboarding...plus hiking or camping during the warmer months, or just to get away from the heat during the summer for a few hours. It's 20-30 degrees cooler at 11K feet.

Lake Mead was already mentioned. In addition, there is Red Rock Canyon and Valley of Fire, both state parks I believe. Great for hiking and camping.

There is the speedway which hosts NASCAR and drag racing events.

Right around the corner from my place there is a mini grand prix place where you can go drive go carts, play video games, etc.

There are plenty of bars away from the strip to go shoot darts or play pool.

Nearby you can go skydiving, bungee jumping, rock climbing, and just about anything else you can imagine. You can go visit old mining towns that are now ghost towns. Then there's Area 51 and the old nuclear testing sites. Of course, you can always go hump in Parhump. [img]/images/graemlins/grin.gif[/img]

As far as weather goes, I love it. It gets cool in the winter, but nowhere near the deep freeze I'm used to from Pennsylvania. YMMV since you're a CA person, but I think weather in the 50's or 60's in Feb. is awesome. Average rainfall is between 4 and 5 inches per year, so there are plenty of sunny days.

Around town there are plenty of parks and recreational areas. Some of these put on concerts or other events during holidays. Red, white, and boom is an annual July 4th event that brings several well-known bands for an all day concert. This year, there was a free Red Hot Chili Peppers (along with Weezer) show for the Vegas Centennial.

I'm sure I'm missing a whole bunch of stuff, but I've only been here a little over a year.

[NLSoldier]

Talk to Gonores. He just did the same thing for similar reasons and for likely a similar time frame.

[TheMetetron]

You win post of the thread.

This made me a whole lot more comfortable about a potential move.

[TheMetetron]

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Talk to Gonores. He just did the same thing for similar reasons and for likely a similar time frame.

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But I don't want to spend all my money on crazy pineapple at the wynn and strippers.... [img]/images/graemlins/frown.gif[/img]

[TheMetetron]

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Mt. Charleston, the highest peak in Nevada, is about a 45 minute drive. Here you can participate in winter sports, ie skiing or snowboarding...plus hiking or camping during the warmer months, or just to get away from the heat during the summer for a few hours. It's 20-30 degrees cooler at 11K feet.

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Whoa, whoa, whoa....

You can ski in Vegas? This was actually something I was slightly concerned about, but I figured Tahoe couldn't be too far.

What's this Lake Mead you speak of? I presume you can't surf on it [img]/images/graemlins/wink.gif[/img]

[NLSoldier]

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There is the speedway which hosts NASCAR and drag racing events.


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You win post of the thread.

This made me a whole lot more comfortable about a potential move.

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[TheMetetron]

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There is the speedway which hosts NASCAR and drag racing events.


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You win post of the thread.

This made me a whole lot more comfortable about a potential move.

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[img]/images/graemlins/confused.gif[/img]

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Good point.