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Paid Off the Van

March 9th, 2015 at 05:51 pm

I went down to the credit union and made sure there wasn't a hold on the money deposited to my account from the house sale. I transferred enough money from the savings to the checking account and then went onto the website I pay the van loan on and paid it off. Yay! No more consumer debt!

Now all I have to do is wait for the title of the van to come and then I can go down and change our insurance. We won't have to carry as much now that it is owned by us. Of course we still have to carry liability, uninsured motorists, and medical and I wouldn't want to go with out that, but we don't have to carry comprehensive anymore.

If we get into an accident that is our fault and totals our vehicle we have enough in savings that we could go and buy a used car outright or fix most of the damage. But that is highly unlikely given DH hasn't been in an accident since 1995 and I haven't been in one since 1988. We are very cautious drivers. If we get hit it will likely be the other person's fault.

I do still need to pay the guy who remodeled the house, but I am not sure what is going on there. They have declared bankruptcy and it sounds like they want me to hold onto the money until after everything has run its course. I have only gotten this second hand from Mom, though, so tonight I will find out for sure. If that is the case then I will send the money to my online account which earns more interest. I really don't like the idea of holding onto it, as I'd rather have it taken care of.

I have a question about the house sale, maybe MonkeyMama might know. Do we need to do anything to declare it? Does it go on income tax for next year? Is there some sort of form we have to fill out and send in? The title company was kind of vague about it and while I did ask them, all I got out of them is that it has to be reported but not how. We are nowhere near the capital gains threshold.

9 Responses to “Paid Off the Van”

  1. FrugalTexan75 Says:

    Yay! That is great with paying off the van!

  2. Buendia Says:

    I don't know the answer about declaring the home sale, but I'm interested to hear... at some point we'll be selling our Irish house.

    Congratulations on paying off the van! How do you decide when to drop comprehensive? Is it value of the car? We also have enough in savings to buy a car (used).

  3. creditcardfree Says:

    Check out this link at the IRS.

  4. scottish girl Says:

    Great!

  5. CB in the City Says:

    It seems like when I sold my house, it didn't make any difference to my taxes. I sold it for about $10K more than what I had paid 12 years before. But I would rely on a tax expert for a real answer.

  6. doingitallwrong Says:

    CCF's link covers it pretty well. If you owned and lived in the home as your main residence for at least two of the last five years, you're filing married jointly, and your gain on the sale is not more than $500,000, you don't have to report the sale -- unless you receive a 1099-S. If do receive a 1099-S, then you report the sale on Form 8949 as a long-term transaction, check Box F, and enter the excluded gain in the adjustments column. (The instructions for the form give a good example of a home sale.) You carry over the numbers to Schedule D, and both the 8949 and Schedule D get filed with your return.

  7. crazyliblady Says:

    It is an amazing experience to make the last payment towards a debt. Congrats.

  8. Tabs Says:

    Congrats!

  9. Looking Forward Says:

    Congratulations on the van payoff! Whoot! Whoot! Big Grin

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