All Forum Posts by: Kevin Lanphear

 yes mortgage includes all that

 Love it and thanks for your input!

Yes I was leaning towards that way as well since my int rate is super good at 2.99% and going into 2 new loans at approx 8% that may or may not cashflow more than $100-200 each prop...

I agree that I should just keep as is, and buy another home with a new loan and grow that way which I have been doing these past few years.

 Thanks for this, do you mind explaining more to me as to what these would do?

 ***Scenario 3 - Forgot to mention my interest rate will be around 8% 30yr fixed with these new build investment homes

I’m currently trying to figure out which scenario might be my best strategy for the next 1 to 5 years with this particular property.

I would love to hear everybody’s thoughts on what scenario you would choose in my situation.

Home info

2 story - 4 bed - 2.5 bath - 2038sqft

-$350k current market value

-purchased for $233k in 2021

-remaining loan balance $176k

-Interest rate on loan 2.99%

-My total cash to close down payment when I first bought the house was approx $50k

My current situation renting the property

-monthly mortgage is $1270

-renting for $1900/mo

-prop mgt costs $159/mo

-net cash flow income $400-$500/mo

Scenario 1 - do I keep holding it and renting it out?

Scenario 2 - do I sell it for cash (this will put me in the 32% tax bracket for 2023 tax year total income)?

Scenario 3 - do I sell and do 1031 exchange to buy 2 more new construction homes at $255k purchase price each (which will be roughly $63k in total cash to close downpayment for each home)?

I heard about having your parents put together a living revocable trust so that their stock/retirement investments and primary home can be easily handed over to their kids if they die. I also wouldnt be wanting to live at my parents home as my primary home either, since we already have a primary with my family.

Does this exempt the trustee (being myself) when receiving the assets from paying any capital gains taxes if they decide to sell/liquidate those stocks or real estate?

If not, what is the best way to prevent paying any capital gains taxes if I choose to sell those assets?

 Thanks, yeah but I think my confusion is does it matter how many schedule E forms or 1098 forms or 1099 forms I can use for choosing a package?

Hey all,

So I have the following forms I submit for taxes each year:

1x 1040 form (my salary w2 job)

5x schedule E forms (5 rental properties)

6x 1098 forms (mortgage interest for all my rentals and primary home)

2x 1099 forms (stocks and crypto)

Which package can I choose within TaxAxt (deluxe or premier) or TaxSlayer (classic or premium) that will cover all these tax forms without adding extra costs and fees?

Please let me know which would work for my situation, thanks!

@Bryce Bunton yeah it’s not like that here in the atlanta area

@Bud Gaffney yeah ditto lol