All Forum Posts by: Kyle Has

Thanks so much, I wish everyone was that clear. Is the gain 100% excluded up to the 250/500 limits or is that limited to the amount of time I used it as my promises residence? Also, does BP have a calculator or anything to help figure this out? 

Hi BP Community,

I’m sorry to do this but I’ve been looking for days and can’t seem to decipher all the information I’ve read correctly. I’m trying to determine my tax liability on the sale of a former primary residence turned rental. Dates/$ are changed for ease:

March 1, 2015: purchase property for 250k (no adjustments to basis)

March 2, 2017: convert property to LT rental

March 1, 2019: sell home for 300k (no adj to proceeds)

Depreciation: 10k

I know that I am subject to depreciation recapture in the 10k but is it at 25% or at my marginal tax rate? The second question is regarding the 50k in capital gains. Am I exempt from taxes on the entire 50k or only the portion related to my residence there (50% or 25k)?

I really appreciate any insight into this as I can’t seem to get a clear answer based on the most recent tax code changes.

@Carl Mccrory Carl, I used to live in Destin. I currently have a short-term rental townhome in Miramar Beach. I’m not sure if you are still looking or not, feel free to DM me and I’d love to chat more. My HOA is 800/qtr and that’s about the lowest I’ve seen for condos. Look forward to chatting.

@Zach Westerfield Zach, I know this is a late post but in case you ever need it in the future... I’ve used Josh Barrett of Barrett A/C. Won’t ever use anyone else. Awesome response guy, family man, pristine work, and incredible warranty as well. Give him a call.

Hi Chad, it’s actually just west of Atlanta, in South Fulton, ~2 miles West of 285. It’s not my property but I’m working with the owners to try developing it however, large scale development is a bit advanced for me at this stage so I’m looking to discuss options with people who have more experience. It’s a 23 acre lot zoned residential. 

Hi all, this is my first post of BP but I have been learning a lot daily from the blogs and Podcasts so I thank everyone for their contributions! I recently gained access to a plot of residential land in the Atlanta area and am looking to find a way to develop the property while adding value to the surrounding community.  Since I have no experience in anything this large I thought that I would reach out to the larger BP community to see if anyone has any insight into land development or recommendations on firms to contact.  I have a cold call list but realized that there is a large community of real estate investors I could tap into as well.  Thank you all in advance.