All Forum Posts by: Joe Szymczyk

Domenick....right..now...just makes mortgage and repairs...would go negative..

Back to the numbers...64k in taxes....plus closing costs and realtor...that's 30kish....

So 94k minus 200k...that gets me profit of 106k plus any principle the renters paid....so could be 100k....thats 200k...in 30 years...assuming I put very low down...on original loan..

Domenick...yes...but I was just looking to liquidate...and use the money to travel the planet....

Sounds to me like it's better to keep the property to the point where...let's say market doubled the value....10 years....or when value is just higher...sell..then you dont have to worry about such a big hit from the depreciation...

This maybe a better way....anyone with ideas on something like this?

Bill wow...20k tax on depreciation...at 22percent rate 44k tax on 200k......64k in taxes.....wow...IRS will crush me...

Thanks Dan....yes I am trying to figure out what the options are when selling...to lower taxes...seems the depreciation is some how brought back for calculating taxes

Hello

Looking at personal house and rentals and depreciation...

I havent sold yet....I have a few rentals that I have been holding....when it comes to sell...how are you guys lowering taxes to the max?

On depreciation...let's say you depreciated a house for 10 years or 27 years...streightline...and you go to sell. How does one get hit by taxes by IRS on this?

If house sells for 300,000 dollars...depreciated on original value bought let's say 100000 dollars...at 27 years....so on year 30....all depreciation is used up...and one sells for 300k....how would the numbers look?

300k minus 100k. Equals 200k in profit....so taxes would be paid on this....then how would depreciation work onthis number?  Maintenance and repairs over 30 years. Do those subtract?  Advertising..property management fees subtract?....

Would like to figure out how to best keep what records I need to help me retain most of that 200k from all the taxes. ....

Can anyone assist?

@kenny. Can you show how that would work for sample 500k house

@lynnette. You are correct on the exchange...that is so over rated...my friend sold his house ...took him longer to find another one.....1000 dollars for 1031 wasted....didn't work he bought another one 2 years later...too late

@Sean very good points....

Wow...very interesting lynnette....what do you mean pay back depreciation in taxes?

If house is 500k and depreciation 15000 a year.....then how this work?

@james free.....agreed

@ lynnette e....very good points....I am of the same thoughts....

I do believe there comes a time to sell...when you have gotten all you can from the property and it's time to sell and move on.....still debating .....all of mine are in super location....in fact right now hard to find towne homes for sale in those locations....no one is selling..