Questions to ask electrician before ordering

[SkyDog]

Consult your tax adviser; it is my understanding that this type of permanent improvement to the property becomes part of your cost basis when calculating any profit/gain and associated income tax that may be owed when the property is sold.

I hope to live here until I die, so matters concerning the sale of the house aren't a big concern for me right now.

I have read that if you can bury underground rated wire (without using conduit) if you cover the wire with cement or concrete. Also, the wire only needs to be buried less than 1 foot if covered with cement. If this would be acceptable to you then ask the electrician as it could save you money.

I'll ask, but my guess is that covering a long trench with concrete could cost more than digging the trench to the required depth.

Skydog...did the electrician say anything about upgrading your home's electrical service to the main panel? If you are in central Jersey, you probably also have air conditioning so your old panel may already be heavily loaded. Just a thought.

I don't have central air, only 1 small window unit and I'm pretty sure my panel has a pretty light load on it right now. We did not discuss upgrading service to the house - neither electrician thought there would be a problem with my current panel.

Five grand is a pretty eye-watering number ... even for a Tesla owner...

Agreed!!!

Depending on the route you'll be taking under the concrete, it's also possible to tunnel under it as well. They sell an attachment you glue on the end of some PVC pipe, hook up a hose and is blasts a thin powerful stream of water that clears out the route. Yes it undermines the concrete a bit, but I'd way prefer that to cutting through it

It's a pretty small concrete skirt in front of the garage. Where the conduit would go, the concrete is cracked in a few places already so removing a chunk of concrete there should be pretty easy.
It might be cheaper for me to put a parking spot next to the house so the wall connector could be hung there and avoid the trenching. But I really wouldn't want to park there, so that's out.

 

[EVer Hopeful]

There is a capital gains exclusion; $250,000 for an individual, $500,000 for married couple filing a joint tax return.

"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse."

Topic No. 701 Sale of Your Home | Internal Revenue Service

oh sh1t

 

[ev-now]

There is a capital gains exclusion; $250,000 for an individual, $500,000 for married couple filing a joint tax return.

"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse."

Topic No. 701 Sale of Your Home | Internal Revenue Service

Yeah, that's going to cause a whole load of people headaches with the recent massive house price inflation. Lots of people who have simply taken it that their primary residence is not subject to GC are going to find their COVID inflated house price might push them into taxable territory they do not anticipate.