All Forum Posts by: Yoni Haiminis

try renting it out per bedroom or groups of 2-3. its more work but if you need to fill it thats another way. I have student properties in Boston and have used that method when it did not rent regularly as as a group. Good Luck!

I am looking to do a cash out refinance on a property that has a lot of equity into it. Probably gonna pull out $75K.  What are the tax implications on a cash out? Is this taxed like a regular income, capital gains, etc?

@Lance Lvovsky Thank you very much for this info.  Sounds like I will be very close to the annual limits with spouse participation. I as not aware of the lifetime exclusion which is definitely god to know as well.

Portfolio lender lender at the last minute asked us to put a larger down payment on a property so this "gift" idea had to be done. 

Thanks!

@Christopher Smith Thank you for the info. I will likely do $14K each from myself and Spouse for this.

I am planing on Gifting a family member some $$ to help them with the purchase of an investment property. I was trying to find out if the IRS has any limits on this and if so how does it affect both my tax return and the person receiving the gift's tax return?  Do they have to clam it as income or is it truly a "gift"?

We are looking to do a $30K gift.  Not sure if State Rules apply but if so we are located in Massachusetts

Any info is greatly appreciated

HI @Tim Upton,

The Pricing your agent came up with seems to be pretty in line although you are correct in that inventory in sub $550K 2 beds is pretty slim so maybe for that reason alone you could test it a bit higher.  There has been a lot of New Construction sales along Old Colony and Dorchester Ave in the past year so it can be tough to comp out $/SF to them.  Are you receiving comps for similar finish level and quality type buildings?  If not the $/Sf can be misleading.    If you want to discuss further feel free to PM me.

Best of Luck on the Sale

@Logan Allec

Thank you very much for the quick response and info.  Very helpful.

I am looking for any advice or info on how to correctly calculate long term capital gains taxes for a property owned for more than 2 years.  I know this will vary dependent on tax brackets. I was looking for calculation's for each tax brackets so I can accurately project how much $$ after taxes I can walk away with.

Thank you in advance,

Yoni