Found Deceased CO - Suzanne Morphew, 49, did not return from bike ride, Chaffee County, 10 May 2020 #52

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IN Home Sale Preclude Using Cap Gain Exclusion?
JnRyan said:
I may have my numbers wrong here ...However, if I was doing his taxes, I would argue the Unforeseeable Events/Other Facts & Circumstances on the CO property as an exception to the eligibility rules.... But to further muddy the waters we don't know the basis, sales and other facts on the Indiana property.
Click to expand...
@JnRyan sbm You gave a great explanation about tax considerations & IN home sale possibly precluding CG exclusion on CO home sale. And no, I don't think your numbers are off, but respectfully I'm coming to a diff conclusion. Ballparking w figures below and assuming even a low-ish r/e agent comish, say 5%, w no other selling exp's reducing net proceeds to Seller, I do not see a cap gain to be excluded. Could be overlooking something, so may be wrong, and would appreciate:) your feedback.:)

Example, adjusting seller's basis,**
Sales price which 2021 buyer pays ...................$ 1,625,000.
R/E agent's sales commission ........................... - 81,250.
Seller's adjusted basis ................................... = $ 1,543,750.

Further fed inc tax calculation, per worksheet:**
Seller's purchase price.................. $ 1,575,000.
Seller's adjusted basis.................. - 1,543,750
Seller's cap gain/loss ................... = $ 31,250 cap loss

Per fed inc tax law, iirc, no cap gain, so no cap gain tax, so CG exclusion does not apply. Also no deducting this loss on Schedule D to offset any other gains this Seller may have to reduce taxes in 2021. Sorry, Charlie Seller.

**Footnotes, IRS publications, & more details ~ 14 posts upthread. Sorry for repeating some info from there.
 
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fcavanaugh said:
OK, this is going to be a long post of my thoughts and musings, after following Suzanne’s case since the beginning, and is MOO. Some of it’s been said already, so feel free to scroll on by, but here goes:
Wow, so the love of his life (his words) has been missing for less than a year, and in addition to some other wheeling & dealing real estate sales and purchases early on, BM’s now managed to sell the PP family home a mere 10 months after Suzanne, his wife and partner of over 3 decades, vanished without a trace.
When it’s all said and done, I wonder if the proceeds of the sale will net him at the very least, $500,000.00, you know, Suzanne’s inheritance. And perhaps now he can afford :rolleyes: to pay the people back who donated to the sham ********, nah, that.will.never.happen.

I wonder what BM did with all of Suzanne’s possessions, belongings, and mementos when he moved out
of the home months ago. I suppose anything of Suzanne’s that had substantial monetary value is probably long gone, or were sold off, like her house was.

I’d venture to guess the majority of people whose loving Spouse suddenly vanishes off the face of the earth, don’t sell the family home less than a year (put on the market 4-5 months post SM disappearance) later, because they usually cling to hope that their Spouse is alive and will one day come home to them and the home they know. Never mind that, most don’t even have time to think of such things let alone take action so soon after their Spouse goes missing, because the majority of their focus and time is spent/devoted to working with LE trying to determine what happened to their Spouse, pleading for them, searching for them until they are located and can be brought home, but I digress.

IMO, last Mother’s Day, Suzanne wasn’t attacked on her bike, dragged away and eaten by a Mountain Lion. (no blood, drag marks at scene, LE agree this didn’t happen). Suzanne didn’t crash her bike, got disoriented, fell in river and/or started roaming trails and forest and succumbed to injuries or the elements. (No blood at scene, LE searches, AM searches unsuccessful in finding Suzanne).

IMO, Suzanne wasn’t ambushed and abducted from her home last Mother’s Day by a home invader/burglar, unknown stalker, or someone she knows well that either ambushed her or she let inside her home. And Suzanne didn’t leave for greener pastures willingly on her own, and/or with someone she knows well. In any of these scenarios, a bike ride and abandoned bike at the bottom of a ravine makes zero sense. Zero. Zilch. Nada.
Are we to believe that a home invader abductor, unknown stalker abductor, or known acquaintance abductor, or Suzanne herself before leaving of her own accord for greener pastures, grabbed the bike on their way out the door, and made a pit stop to toss it down a ravine?
Stating the obvious, the only reason Suzanne would take her bike with her if she decided to leave for greener pastures is because she planned to ride it, not toss it down a ravine on her way out of town lol. And someone abducting her from her home, has no reason to grab the bike on their way out the door and toss it down a ravine. Ludicrous.
Also IMO, none of the above broke in to her home, ambushed and killed her in the home, took her to another location to kill her, nor do I believe that she left her home to go meet someone she knows well and they killed her at meet up spot or some other location, because again, the bike thrown down the ravine makes zero sense. And no, Suzanne didn’t go out on a bike ride near her home or anywhere else on Mother’s Day with someone she knew well, something went sideways, and this person got off their bike, grabbed her off her bike, threw it down the ravine and abducted her from the scene, and/or attacked and killed her, threw her bike down the ravine and absconded with her body. Unless that someone she knew well was her husband, but I don’t think BM & SM were out for a bike ride (“have to go home and make the wife happy and do some hiking or biking”), when the “event” happened.

The bike, that darned bike.
For arguments sake, let’s say Suzanne did go for a bike ride last Mother’s Day and was knocked off her bike by one of the following in broad daylight, mind you, not witnessed by a single soul, and amazingly left no signs of a struggle behind at the scene, but ok, perhaps they’re magicians too:rolleyes::
1.) random abductor that just happened to be driving by at the right time, snuck up behind her, bumped her off bike, got out of car, picked up/dragged Suzanne to vehicle, threw her in, raced away from the scene, threw bike helmet out window a little ways up the highway to leave a clue for LE :rolleyes:
2.) *unknown stalker lying in wait in the forest, 3.) *those nasty sex traffickers lying in wait in the forest. *hmmmm, wonder where the unknown stalker or sex traffickers would’ve parked their vehicles to go hide in the forest. Maybe they parked on the side of the road somewhere along Suzanne’s bike route, and weren’t seen by anyone going into or jumping out of the forest and hauling Suzanne over to their vehicle after knocking her off the bike. Maybe the stalker/sex trafficker weren’t hiding in the forest, maybe they just decided to sit in their vehicle, and when they saw Suzanne approaching on her bike, opened their car door causing her to crash and fall off her bike, jumped out of car, picked her up/dragged her to their vehicle, threw her in and raced away from the scene. Threw bike helmet out window a little ways up the highway to leave a clue for LE. :rolleyes:
Fast forward 9 months. Say someday in the not too distant future, Suzanne miraculously manages to escape from her captors lair- imagine it: she arrives home anxious to see those she loved dearly welcome her back home with open arms, only to find strangers living in her house. I’d imagine she’d be shocked and devastated to say the least. And how will she know where to find her Husband, her belongings/possessions/momentos? Did BM tell the new homeowner(s), LISTEN, my wife is missing, I don’t know if she’s dead or alive, but if she happens to show up here, no biggie, just let her use your phone to call me and I’ll swing by and pick her up, k? :rolleyes:

Actually in all seriousness, it’d be much better if any of the 3 knocked off bike and abducted scenarios happened and eventually Suzanne escaped, even though it would have been a horrific experience for her to have gone through, at least she’d still be alive. But honestly, after following Suzanne’s case since day one, for me, there’s just too many red flags surrounding BM which have been discussed at length on these 52 threads. I won’t list them all again here, this post is long enough lol, but in a nutshell, the bizarre things BM’s said/done/not done, the ridiculous circumstances surrounding the Broomfield “job”, his “alibi”, noises heard late at night area of BM worksite, LE digging up BM worksite, his worker’s statements, LE’s overall stance/handling of Suzanne’s case since day 1, it’s the totality of all these things considered, that leads me to the conclude that Suzanne never went for a bike ride last Mother’s Day. I believe the bike was staged by her perpetrator after Suzanne was fatally harmed (I think she was strangled) somewhere in her home on one of the 2 days preceding Mother’s Day. (I’m still not sure if it was Fri. or Sat., I lean towards Saturday because of the BFF wedding convo, but some of our great sleuths have made good arguments for Friday being plausible), that BM has first-hand knowledge and knows Suzanne is not going to be showing up alive. Anywhere. Ever. Because he knows exactly where she is, which is to say, he know she’s no longer of this earth and that her remains are hidden very well, in fact, made sure to hide them so well, they may never be found. I think he left his and SM’s phones at home, and in the late night/wee hours of morning, used some form of non-GPS transportation to bury SM, or disposed/dumped her in an abandoned mine.

I think there is someone(s) else who might have some guilty knowledge and aren’t speaking up/talking, and have a hunch that there *might* be a twist, if so, whatever it is, BM is still involved in a big way.

I suppose there’s a 0.0000001% chance BM is innocent, and if it turns out he is innocent of any wrongdoing, suffice it to say I’ll be more than beyond shocked. But I won’t feel bad about suspecting him because he brought it on himself for many reasons which have been discussed all over these threads, not least of which are being a deplorable husband for not stepping up to the plate/not showing up for Suzanne, and for being disrespectful to her/her memory.

All of the above IMHOO.

#FindSuzanne
#BringSuzanneHome
#JusticeForSuzanne

ETA-I agree with others that think BM likely will leave the state of CO. Where he absconds to with Suzanne’s money is anyone’s guess.
Click to expand...
Might be a twist and a tryst
 
DEB-Z said:
Apparently you fortunately can afford this;
I had treatments when I was younger, my late husband was a physician; had to pay his staff, offices, malpractice, mortgage, utilities, etc...
I told him to go and see his patients, packed a book, bag of magazines, and other things to keep me busy...
I did the same when I had twins premature... one died three weeks later and one was in intensive care for months... I would go and spend the day at the hospital, and my husband had to go to work...
I think to pay bills, realistically, most cannot afford to do this... Every family has to decide and make choices; fortunately I had my mom to help me at home during difficult times...
Click to expand...

I am sorry you had to go through all of that heartache with your twins.
❤️

In terms of BM and his lifestyle, there was no reason he couldn't attend at least some of her treatments. He seems to have a lot of time on his hands---enough for hunting, working out, having push up contests, etc etc....

If he had a thriving medical practice and a staff to support, I would agree with your post, wholeheartedly. But he did not have the same responsibilities and time crunch as your physician husband had, IMO, MOO....
 
al66pine said:
IN Home Sale Preclude Using Cap Gain Exclusion?
@JnRyan sbm You gave a great explanation about tax considerations & IN home sale possibly precluding CG exclusion on CO home sale. And no, I don't think your numbers are off, but respectfully I'm coming to a diff conclusion. Ballparking w figures below and assuming even a low-ish r/e agent comish, say 5%, w no other selling exp's reducing net proceeds to Seller, I do not see a cap gain to be excluded. Could be overlooking something, so may be wrong, and would appreciate:) your feedback.:)

Example, adjusting seller's basis,**
Sales price which 2021 buyer pays ...................$ 1,625,000.
R/E agent's sales commission ........................... - 81,250.
Seller's adjusted basis ................................... = $ 1,543,750.

Further fed inc tax calculation, per worksheet:**
Seller's purchase price.................. $ 1,575,000.
Seller's adjusted basis.................. - 1,543,750
Seller's cap gain/loss ................... = $ 31,250 cap loss

Per fed inc tax law, iirc, no cap gain, so no cap gain tax, so CG exclusion does not apply. Also no deducting this loss on Schedule D to offset any other gains this Seller may have to reduce taxes in 2021. Sorry, Charlie Seller.

**Footnotes, IRS publications, & more details ~ 14 posts upthread. Sorry for repeating some info from there.
Click to expand...
Yes, using your assumptions above the CG exclusion does not apply. If you read my explanation, though, I stated I had not sighted either closing statement so I made no assumptions on the R/E agent's commission. I have come across FSBO (For Sale By Owner) purchases where the buyer simply has their attorney complete the closing statement and there was no commission. But either way, with a loss - which is not deductible by a seller - or a sale where the gain is under the $250K/$500K limit, there are no taxes on the CO residence sale. And, of course, we have even less data on the Indiana residence sale (assuming the IN sale was of their residence, which I don't know for sure) so we don't know the tax liability there, if any.
 
Every time we talk about Barry absconding to somewhere with a dicey extradition treaty, I think of Janet Marsh. I know I've posted about that case before in here. I see so many similarities. It took a long time for justice to be served, but it did happen.

Staying within TOS, can anyone tell me if the LLC that purchased the house was an individual or a business? LLC can cover a lot of areas. I wonder if it will be used as a family home or an Airbnb or other holiday let?
 
Minordetails said:
But not BM right? He’s a victim but not really, so different rules for him.
Click to expand...
"A thread specific decision has been made by Tricia to allow members to discuss Barry Morphew and to speculate about him based on how he is being publicly treated by LE, information from MSM and other WS approved sources (except rumors). Do NOT sleuth him or his business and do NOT trash him. Do not sleuth or make accusations against anyone else who is not an officially named POI/suspect." CO - CO - Suzanne Morphew, 49, did not return from bike ride, Chaffee County, 10 May 2020 #52

This is posted on the start of each new thread.
 
R/E Agent Commission? Cap Gain or Exclusion for Seller?
JnRyan said:
Yes, using your assumptions above the CG exclusion does not apply... no assumptions on the R/E agent's commission...FSBO and ...no commission....no taxes on the CO residence sale...
Click to expand...
@JnRyan sbm Thank you very much for the feedback. I appreciate your analysis and agree; as you said, we have not seen closing stmts w exact figures. As MLS* showed home as offered thru real estate agent, I SWAG'ed a low-ish 5% commish and used MLS sales prices in calculating ~ $ 31,250 loss. The rest of post is not directed at you but at anyone who may be fuzzy on gain/loss question and how agent commission impacts that calculation.

Since it's possible CO home sale was completed as a FSBO* without r/e agent commish, why assume there was a commish? When a homeowner lists home w r/e agent, and if prop is sold during listing period (as I understand PumaPath was), an owner trying to avoid paying commish altogether is not likely to succeed, imo for reasons explained below.**

Back to tax & money issues, imo, no cap gain, no cap gain tax, no home sale cap gain exclusion needed for Seller, which ultimately may not have any connection w SM's disappearance. my2ct.

________________________________________________
* "A person selling his/her own property – acting as a For sale by owner (or FSBO) seller – cannot generally put a listing for the home directly into an MLS."
Multiple listing service
** Avoiding Paying Commish? Well, generally speaking w MLS & ime ...
Ex: Let's say Jan 1, Seller/homeowner signs contract w r/e Agent to market the prop for a given period (ime, typically 6 mo) w contract expiring June 30.
Say Mar 30, before expiration, Seller decides not to sell, or not to pay commish, so he -
--- Cancels contract w Agent or
--- Sells home as FSBO.
After spending time & money on marketing effort, is agent out of luck? No, Seller - Agent contract requires Seller to pay commish, on either of those two contingencies, ime.
Or
Say, July 15, after expiration, Seller signs sales agreement w a buyer who was shown home by MLS-affiliated agent during 6 mo. listing period; sale closes a month later.
Is agent out of luck? No, Seller - Agent contract requires Seller to pay commish, on a sale occurring within 3 to 6 months after expiration of the initial contract period.
 
Lyanna said:
The times of Suzanne's contact with her BFF about the wedding and then the reported 'friending' from her Facebook at Midnight - do we know which timezone they are definitely referring to at all?
Click to expand...
We do not and IMO that has been a source of frustration. We really don’t know much but I am sure LE does.
 

"My faith and my family's faith rests fully in the support and work of the LE agencies assigned to find our sister, Suzanne. We trust that God is using the full weight of these authorities to bring about justice for Suzanne. We hold them all in highest regard and continue to pray that God gives them strength and abilities beyond what is their own in finding Suzanne. We remain deeply heartbroken over this tragedy."

-Melinda (Suzanne's sister shared this statement with Lauren.)
 
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al66pine said:
R/E Agent Commission? Cap Gain or Exclusion for Seller?
@JnRyan
Since it's possible CO home sale was completed as a FSBO* without r/e agent commish, why assume there was a commish?
Click to expand...
I guess we're in two different worlds. In mine, assumptions without documentation can get my client in trouble with the IRS and cost me my CPA license. I ALWAYS obtain and analyze the closing statement and then retain a copy for tax files along with a copy of the 1099S. I have only rarely looked at or asked for a copy of any sales agreement on a residence. And what happens behind the scenes is between the attorneys, sellers, buyers and the agent. And I know of two instances where the contract with the real estate agent was voided. One of the two involved a personal residence I was selling so I don't assume.
 
al66pine said:
R/E Agent Commission? Cap Gain or Exclusion for Seller?
@JnRyan sbm Thank you very much for the feedback. I appreciate your analysis and agree; as you said, we have not seen closing stmts w exact figures. As MLS* showed home as offered thru real estate agent, I SWAG'ed a low-ish 5% commish and used MLS sales prices in calculating ~ $ 31,250 loss. The rest of post is not directed at you but at anyone who may be fuzzy on gain/loss question and how agent commission impacts that calculation.

Since it's possible CO home sale was completed as a FSBO* without r/e agent commish, why assume there was a commish? When a homeowner lists home w r/e agent, and if prop is sold during listing period (as I understand PumaPath was), an owner trying to avoid paying commish altogether is not likely to succeed, imo for reasons explained below.**

Back to tax & money issues, imo, no cap gain, no cap gain tax, no home sale cap gain exclusion needed for Seller, which ultimately may not have any connection w SM's disappearance. my2ct.

________________________________________________
* "A person selling his/her own property – acting as a For sale by owner (or FSBO) seller – cannot generally put a listing for the home directly into an MLS."
Multiple listing service
** Avoiding Paying Commish? Well, generally speaking w MLS & ime ...
Ex: Let's say Jan 1, Seller/homeowner signs contract w r/e Agent to market the prop for a given period (ime, typically 6 mo) w contract expiring June 30.
Say Mar 30, before expiration, Seller decides not to sell, or not to pay commish, so he -
--- Cancels contract w Agent or
--- Sells home as FSBO.
After spending time & money on marketing effort, is agent out of luck? No, Seller - Agent contract requires Seller to pay commish, on either of those two contingencies, ime.
Or
Say, July 15, after expiration, Seller signs sales agreement w a buyer who was shown home by MLS-affiliated agent during 6 mo. listing period; sale closes a month later.
Is agent out of luck? No, Seller - Agent contract requires Seller to pay commish, on a sale occurring within 3 to 6 months after expiration of the initial contract period.
Click to expand...

Speaking from experience as a residential real estate broker for 15 years, it’s not unusual for a “seller” when signing listing with RE agent, to retain a “prospect” the seller may have shown the home to prior to signing the listing agreement.
Example - As a FSBO, Susie Citizen shows her home to Jane Doe, who is interested but needs to come up with financing. Susie Citizen finally lists the home with XYZ Realtor, but expressly retains the right to sell home to Jane Doe as a FSBO without owing a commission to listing agent. Most agents are happy to make that concession to the listing agreement. I’ve seen it happen quite a few times, all perfectly legal. If Jane Doe buys home from the seller, no commission is due to the RE company if the “exception” is in the listing agreement. The closing documents are the only thing I know that would answer exclusively how the sale was handled. MOO
I hope I explained this adequately. Moo
 
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Two different worlds, but same page?
JnRyan said:
I guess we're in two different worlds. In mine, assumptions without documentation can get my client in trouble with the IRS and cost me my CPA license...
Click to expand...
@JnRyan sbm bbm Again thank you for clarifying detail from your CPA viewpoint. I'm not a CPA, not claiming special accounting or tax expertise.

True, we may be in two different worlds, but re the cap gain issue I think we're on same page. From your earlier post responding to mine: "Yes, using your assumptions above the CG exclusion does not apply." Again thanks for your expert input.

__________________________________________
My earlier assumptions: (1) MLS as accurate source for 2018 purchase price $ 1,575,000 & 2021 sales price $1,625,000, (2) my personal guesstimate of low-ish 5% r/e agent commission of $ 81,250 reduces Seller's proceeds, and (3) no other seller's sales expenses.
My earlier conclusion: ~ $ 31,250 cap loss.** No cap gain, no cap gain exclusion.
But not assumptions I'd make if preparing someone's tax returns, which BTW I do not do.
 
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