All Forum Posts by: Jeremy Keone

@Eamonn McElroy

Thank you. That makes sense now. I guess gonna have to go over some strategies to make it work better in our favor for the future.

Schedule E shows $52k in losses for 6 properties. Due to mortgage interest, depreciation, repairs, supplies, maint fee, etc. But allof that only reduced my earn income by $6k. Sounds like I’m doing something wrong. Thoughts??? Any help would be appreciated. Thank you

@Dave Foster

Question?

What constitutes “closing costs”?

Ex. Termite inspection? Deed preparation? Credits to buyer? Escrow fees? Wire device? Exchange support? Notary fees? Recording fees? Releases. Conveyance Tax? Etc?

But more importantly.

“Pay off of existing loan”???

Any information would be greatly appreciate

Thank you.

@Dave Foster

Thank you! That makes sense now. No where that I looked, was it clear like you just stated.

Mahalo. 🤙🏾

@Bill Brandt

Thank you for the info. So it has nothing to do with any balances owed against the relinquished property?

The next condo we’re buying is $240k. So what happens to the difference. Do I just pay taxes on that difference?

@Nicholas Aiola

Aloha.

1031 exchange. Simply asked.

Does the replacement property have to be higher on price than what?

Sales price of relinquished property?

Capital gains?

Net proceeds?

Any help will be much appreciated.

@Jeremy Keone

Or is it off of the sales price of the relinquish property? $287k?

When purchasing the “replacement” property, do we need to purchase a property equal to or more than, the Capital Gains or the Net proceeds?

Sell “relinquish” property: $287k

Loan balance: $115k

Commission, fees: $15k

Purchase price: $103k

Any info would be much appreciated. Selling in Hawaii. Purchasing a property in Utah. 🤙🏾

Thank you Taylor Roeling...

Thanks guys for the info. This shows how much I don’t know. And how much help I need. Much appreciated. I know that the losses and expenses are different. I think my questions are worded incorrectly. Sorry. 

When I do my taxes, my schedule E shows all the expenses that I have against my income. And I show losses on my properties, which total more than the limit that is allowed to reduce my W2 income. Those loses get minimized and the reminder of those loses gets applied to the following tax year. 

But yes. I’m getting a CPA. Thank you