Depending on the loan amount for the new property, roughly a little over half of the gain could be deferred through the exchange.Without a 1031, they’ll face taxes on the entire gain, including federal capital gains tax (likely 15% based on their income), California state tax, and depreciation recapture, potentially totaling $130-150K.

I watched every single video and did every single exercise they suggested including writing in extreme detail about my perfect day once I’d “made it”, making an audio recording of it and then listening to it every day.

Was it included as a credit/debit on the HUD so it should have reduced your cash to close? 

When managing multiple applications, it’s crucial to ensure your process is both fair and compliant with local, state, and federal housing laws, including the Fair Housing Act.A best practice to avoid any perception of bias or confusion is to process and work on one application at a time.

@Kevin Wood: Fixed Asset Management module is included in the QuickBooks Accountant version where you can calculate the depreciation.

Beyond immediate safety concerns, the long-term financial implications, including taxes, are a pressing issue for those impacted by the disaster.

Current monthly pymt is $2795 (including $640 escrow).

Boot includes any cash retained or the difference if the replacement property is of lower value than the relinquished property.

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

I'm originally from BR and am fairly active there. we see a lot of inventory so also happy to chat offline about this