491 Pine Street Purchase

Assets

  • SFCU:
    • Checking: $11,700
    • Savings: $162,100
  • Citizens:
    • Checking: $13,000
    • Savings: $15,000
  • Total: $201,800

Liabilities

  • 2020 taxes
    • Eckert Capital Gains Taxes
      • Sale $430,000
      • Pay off mortgage $107,000
      • Originally put in $50k
      • I have no idea how all the little basis adjustments will work out.
      • Conservative estimate: $200k capital gains; 15% == $30k
    • Chris income tax.
      • Assume UB witholding was largely accurate.
      • Assume consulting income was $30,000.
      • Federal marginal tax rate 22%
      • State marginal tax rate 6%
      • Total $8,400
    • Credit card: $11,500
    • Penalties: ???
    • Total estimated liabilies: Up to $51,500

Funds available for house

  • Our assets minus estimated liabilities: $149,500
    • Note this means we need to be on a budget going forward; we’ve been gliding on house profits.
  • Drozdz parents: $30,000
  • Total: $180,000

Likely house offer

Tim LaDuca thinks the house will go for $170-185k.

Family intentions

  • Zuz and Chris make an offer of $165,000 on 491 Pine, increasing it up to $180,000 if necessary.
  • Bozenna works until Christmas and then retires.
  • Bozenna and Jan plan to move to Lockport and rent out the Brooklyn house in early 2022. They build a basement room with a separate entrance which can be used for trips to NY for work and pleasure.
  • Bozenna and Jan will rent the Lockport house from Zuz and Chris, but will think of themselves as owners.
  • Bozenna and Jan plan to spend part of the year in Lockport and part of the year in Poland.
  • Alternatively, Bozenna and Jan put an offer on the house and Zuz and Chris make a short-term loan.