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13 October 2024 | 11 replies
With respect to your 2 questions, 1) when you sell the property, all the depreciation taken (regardless of whether it was used to offset income in the past) is subject to recapture.2) You can reduce your taxable capital gain by subtracting the selling expenses from the sale price.
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10 October 2024 | 9 replies
This would allow you to deduct the $11,000 immediately in 2023, reducing taxable income for this year.
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10 October 2024 | 3 replies
This means tenants are responsible for maintaining their mobile homes, reducing your maintenance costs.
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11 October 2024 | 4 replies
But if “by doing” he means investing without first having the knowledge to KNOW the risks, EVALUATE the risks (and potential rewards) and to TAKE ACTION to reduce the risks then the cost of this learn by doing education is probably going to be significantly more expensive than a degree in real estate from MIT, let alone reading the\ree or four texts on your own.
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30 October 2024 | 236 replies
That's the argument you've reduced yourself too?
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12 October 2024 | 9 replies
But I really can't take it anymore, and have reduced significantly.
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20 October 2024 | 147 replies
A self promotional pitch in a high value post does not reduce the value of the post.
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9 October 2024 | 1 reply
It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.
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9 October 2024 | 3 replies
You could consider house hacking to reduce out of pocket expenses.It’s definitely an appreciation play not a cash flow play but with the federal government here appreciation is consistent - you won’t get super high appreciation like some places but also don’t get high depreciation as well.
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9 October 2024 | 12 replies
Plus reducing capital gains