All Forum Posts by: Joe Szymczyk

Marc....this is planning for future questions...single family house in the 1031....I would buy same type ...owner occupy...and price will be 10k more...

if I have money in a 1031...can I use that to buy owner occupy property and get owner occupy interest rate from new mortgage company?

if I make under 150k....how much more can I deduct on real estate? And if i make less than 100k?

Been also thinking to drop my property manager and save that money...to use for paying taxes... but right now...am living away....if I drop property management fees...would this help in any other way?

@Yonah....thank you for the backgound... yes I am on straight line deprecation...very good info.

@Thomas...thank you for the honest feedback...I did not know these things....will listen....super info

Anthony

Intetesting points...on the real estate pro....my w2s show i am in IT....not sure I can use that.. on depreciation...so you mean like refrigerators ovens?

Joseph....that's already an idea...but before this....I like to figure out on my own....

Hello real estate people

I have a situation where this year i have to pay to the IRS on taxes..

Situation

my AGI income is 160k....work In IT for a big corporation

i have 9 houses, i maxed out the deductions...repairs, supplys, new refrigerators....etc.......i have stopped adding deductions for the realestate as they are not dropping my money due to the IRS..on Tax software...(using HR Block software)

I now owe 8K....software shows i must pay..

Can anyone recommend what else i can use to get more deductions?  i exausted church donations, charity donations/...

my 401k is maxed, to reduce taxes....

i have brokrage mutual funds but all those gains are taxed....10 k in gains...adding to my pain....

What else can i use for deductions for this year, before i submit my taxes to IRS?..

What can i do this year to fix this situation ....so i am in a bettter position for next year....so i can reduce how much i pay?

I think real estate cannot help me any more to lower taxes...as my deductablitliy is maxed.......so i am looking at other avenues.....any ideas??

.need ideas where to look or what blogs to go to also....to help with this issue??   last year doesnt seem like i was in this position....so this year is a shocker....

@Dave foster....I was looking...into getting rid of the real estate and putting the money into s p 500 index fund.. or another fund.any other suggestions how to do this while reducing taxes?

@Mathew ryan...on this "It can be extremely difficult to find an asset now but investing passively with a syndicator or fund may be of interest to you. You can DM for details on OZ's; we have a full white paper.......what's DM? What's OZ?  What's a fund syndicator?.

....I like to sell one rental and use proceeds to buy into stock investments...eventually ..over time..get out of the real estate .

Bill, Karen....so I would 1031...then I can sell 2 years later...and only pay tax on gain? And only 2 years of depreciation recapture? 

Natalie...I do not like to seller finance...seen this done....and the person struggled to get paid...later...