All Forum Posts by: Ernest Badalov

One of two options have to be used (sometime in the future) to get rid of all investment properties by closing the shop and leaving for good. That’s why those two options were presented; not sure which one makes more sense. 

To All,

Just wondering what everyone thinks. What are pros and cons of:

1. Selling all rental properties separately (within a short period of time)?

2. Selling them once as one LLC (assuming all those rentals are presently in the LLC)?

Cheers

Agree 100% and still holding. I can survive thanks to my other a couple more properties.

You’re right Basit, agree 100%. Already spoke to my accountant (finally located him) and calculated the amount to be paid. Not super happy about the number, so the best option is to trying to find that qualified tenant. Appreciate your input.

Not reinvesting, just keeping some in crypto. I’m just panicking a bit about the property in question as I can’t find quality tenants for it since November 2023.

Appreciate your reply, but 1031 is out of consideration in my case. I was only interested in capital gains tax info.

Appreciate All…

Thanks to All replied but it is still not 100% clear. Based on my research, if my household income is below $88,000, my capital gain tax should be $0 (still not clear if they’re talking about Fed or State tax). How then my profit of $136k plays out here? Will I have to pay 15% on $136k anyway? I’m 100% clear on depreciation unrecapture, however.
Not so easy to find a qualified professional here to ask this question. 
Anyway, appreciate your input

Hello everyone,

I’m in Wilmington, NC and I’d like to know what would be my long term capital gain tax on a rental property that I own for 3 years, assuming that my household gross annual income is $82,000. In my particular case, the home was purchased for $214,000 in 2020 with a potential sale price of $350,000 now. Are there Fed and State taxes on this sale? How those taxes are calculated? Is there a min annual income to pay $0 tax? Do I use gross annual income or my AGI for the calculation?
Appreciate all your responses,

Eric