All Forum Posts by: Varinder Kumar

Hello everyone, can anyone refer a tax attorney or tax professional who knows about using tax credits that the IRS owes them towards the purchase of Real Estate. Need to make sure everything gets recorded and documented properly. Thanks

how is this going for you?

 Learn something new everyday, thanks @Account Closed! this sounds really messed up for the seller, almost makes me think why the hell anyone would want to even do this? all the risk is on the seller side so it seems. Now is subject to the same as seller financing? 

this is great how ever I do believe as a parent you also have a responsibility to have some emergency funds to use however should they need, in cases of sickness, loss of job. it is good to be entrepreneurial but as many of us know not all entrepreneurs are successful. 

AS A DAILY STOIC MY SELF, EPICTETUS ONCE SAID " Be careful to leave your sons well instructed rather than rich, for the hopes of the instructed are better than the wealth of the ignorant" 

@Drew Holland so it would be $75k minus any renovations correct? So $15k Reno so total now would be $60K. Taxable income is $60K. $60K at 20%( for example) would be $12K worth of taxes I’d pay. Am I on track here? Is there anything else that goes into this? Thanks 

@Drew Holland purchase for $635,000

@Henry Clark yes I already know this part. Haven’t lived in for the last 2 years out of 5. Thanks 

Looking to sell my current property for $710,000 balance remaining is $580,000. Purchased October 2021, so it has not been 2 years yet. 

How much percentage capital gains tax will i pay?

Is the capital gains tax calculated based on the difference of my outstanding balance and and selling price? or

the difference between selling price and outstanding balance minus closing costs, commissions, etc?

what is the total capital gains i will be paying if i sell without doing 1031?

please advise i appreciate your help!

The provided information shows a decrease in AGI and taxable income from 2021 to 2022. However, the federal taxes paid increased in 2022 despite the decrease in taxable income. This could be due to changes in tax laws or other factors. According to tax data from 2022, total income taxes paid rose by $42 billion to $1.58 trillion, a 2.7 percent increase above 2018. Americans are facing a long list of tax changes for the 2022 tax year, and smart taxpayers will start planning for them now. In 2022, Social Security taxes are levied on the first $147,000 of wages, and Medicare taxes are assessed against all wage income. Policymakers can change the tax code in several ways to treat some or all of the unrealized income of the wealthiest as taxable.