All Forum Posts by: Cliff T.

Bumping this thread up to see if anyone has direct experience selling a deeded parking spot. Would love to better understand the potential tax ramifications (both property taxes and capital gains tax exclusion) and how/if my current mortgage may be affected.

@Natalie Kolodij - I'm not sure if the city/ county taxes me separately for the spot. I don't believe so. My understanding (based on a call to the assessor's office last week) is they almost always take purchase price and multiple by 25-30% to get the split between building and land value, so my parking spot "value" is bundled in that breakdown and has the same split as my actual condo.

Thanks @Steven Hamilton II. To confirm, what do you mean by "I'd consider it"? Do you mean you'd consider as part of the capital gains tax exclusion?

Thanks for your input @Natalie Kolodij

Also tagging @Brandon Hall in case he has some thoughts to share...

Hi all,

Hoping to get some info on how selling a deeded parking spot works. My wife and I own a condo in San Francisco that comes with a deeded parking spot. Someone in the building inquired to purchase the spot. They're planning to use a title company to finalize the transfer and we've confirmed HOA is OK with proceeding as well.

Specifically, my questions are...

1. How do capital gains work for this type of sale? My wife and I lived in the unit for 2 of the past 5 years. Does the capital gains tax exemption work when selling a *piece* of your property -- in this case, the deeded parking spot? What would happen if we proceeded to sell the condo in a year or two?

2. Will selling the parking spot affect my current mortgage in any way? I'm assuming documents will get recorded at the county level and our deed will change. Does this trigger anything with our current lender?

3. How would my property taxes change going forward? I believe I would need to get a re-assessment done by the city and then, if approved, my property taxes would get reduced based on the new assessed value.

Thanks for the reply! Is it pretty straightforward to register an LLC in one state as a foreign entity in another?

Hi all, looking to get some sage advice from the BP community...

What is your strategy when it comes to starting new LLCs? My 2 investment partners and I started an LLC for our holdings in KCMO, but we're looking to expand our rental portfolio into a couple other states.

Does it make sense to start a new LLC in each of those states? Or should we simply register the current LLC as a foreign entity in the other states?

At this point, we aren't too concerned with liability as we only have a few SFHs. The larger concern is convenience, ease of management, and paperwork come tax time. I'm assuming having one LLC makes things a lot easier, but want to confirm...

Anyone know what lender requirements are these days with Zone X flood zones? I know some lenders may require flood insurance. It would be helpful to get a list of going of lenders that DO and DO NOT require flood insurance in Zone X.

Anyone else have PM recs?

Is there Chattanooga investor meet up scheduled in the near future?

Any thoughts on 64133? Specifically near Woodson and 75th?