The little Busa who had no home.

Kassofcmb

Registered
Ok so I bought my Busa when I lived in a Small Downtown Apt. with out parking. It was ok since the Busa was an insurance salvage and had NO fairings and was looking so ugly no one took the time to steal it.

After a while I fixed her up to a halfway presentable level and just about that time we moved into a rental house that, once again had no garage. I bought a carport from Harbor Freight and made do with that up until now.

Now we get to the point of my story---

The Busa's going to be happy really soon. There is a house my Grandmother has owned since 1965 and at one point passed to my Mom. Mom saw fit to get a loan on that TOTALLY PAID OFF house.

As it stands now Mom can't afford it and neither can her renters, I've offered to buy it off her for what she has left on the loan (120k). She said ok, but here tax attourney said I must buy it for the appraised value, and my mother will give me the difference in cash (woot).

THE BEST PART

GARAGE and a decent sized one too.
AND, my beautiful wife has consented to me purchasing not only a Motorcycle lift, but the high point lift (great for wheels and stuff off bike), a new set of tools, a PC3, new clutch, chain/sprockets, exhaust, and a shop computer/sound system.

(i think she's just keeping me busy while she spends too much on clothes) BUT I DON'T CARE:laugh::laugh::laugh::laugh:

I just had to share with you guys cause I am so stoked and my non biker buddies could care less.

I'll send pics as they are available.
 
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No, sorry, it'll be in Tacoma, WA. However the shop is open for all ORG'ers either Nearby or on a trip and need assistance. BTW we should (if not already done) set up a Busa support network for breakdowns and the like. I have a futon and will have a shop for those in need.
 
No, sorry, it'll be in Tacoma, WA. However the shop is open for all ORG'ers either Nearby or on a trip and need assistance. BTW we should (if not already done) set up a Busa support network for breakdowns and the like. I have a futon and will have a shop for those in need.

DOH!

I don't think you could be much further and still in the US.

Congrats on the new place. :thumbsup:
 
congrats on the new place and getting your ride a home! :beerchug:



p.s. not to get in your business but you might want to get some more advice on how the cash is handled in your deal with your Mom...if it is done incorrectly, you could wind up with a healthy tax bill vs. no taxes at all if done right
 
got it on the taxes, she can give a gift of 12500 to both me and my wife a year so basically 25k right away and 25k on 1/1/10 after that eh, i'll just have to wait a year.
 
got it on the taxes, she can give a gift of 12500 to both me and my wife a year so basically 25k right away and 25k on 1/1/10 after that eh, i'll just have to wait a year.


correct :thumbsup: just don't forget that also includes anything else like b-day, Christmas, anniversary, etc...always leave yourself a couple bucks leeway just in case, you don't want to fall into the sights of the IRS!!!
 
You could also do it as a fractional share ownership. You pay off the loan for a percentage of ownership and she gifts you a percentage each year that is under the gift tax rate.
 
DOH!

I don't think you could be much further and still in the US.

Congrats on the new place. :thumbsup:

I'm further :rofl:my friends and family say that all the time when I say come visit...

Congrats on house deal....
 
correct :thumbsup: just don't forget that also includes anything else like b-day, Christmas, anniversary, etc...always leave yourself a couple bucks leeway just in case, you don't want to fall into the sights of the IRS!!!

NTS:when you talk in a public forum about somethings you shouldn't they already watching.. :rofl: folks watch what ya say sometimes.... :rofl:
 
it's perfectly legal as long as you go about things the right way, the tricky part is being able to trust the other party to uphold their end of the deal and not "forget" what they agreed to after some time has gone by :beerchug: basically, he is just paying her full value of the house and she is gifting him some of his inheritance early
 
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congrats man, it's always nice to be able to park your bike inside your own garage.
 
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