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14 January 2025 | 5 replies
Hi Kin,Transferring your share of the property to your brother may have tax implications, including gift tax if the transfer is considered a gift.
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20 January 2025 | 37 replies
If not, what are property tax sales?
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21 January 2025 | 14 replies
I truly think I only need 4 more houses to hit my goal and then shift from buying to paying them off.I am not sure if I am thinking about this the right way and I am sure there are things I am not thinking about but below are my thoughts:Pros - I can purchase the houses I need to hit my goal faster - With getting homes fasters the depreciation, tax benefits, amortization, appreciation, rent increases all start sooner - Home prices on average should be lower now then if I buy in 4-5 years - I can take better advantage of leverageCons - I have more risk until I pay the properties off - Less upfront cashflow - Longer timeframe to acquire the properties to reach my goalIf anyone has any opinions or advice I'd love to hear it.
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19 January 2025 | 6 replies
@Chris Seveney The types of leads I'm targeting are absentee owners, vacant properties, pre-foreclosures, tax delinquencies, and probates.
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14 January 2025 | 18 replies
During escrow converted it to a Roth and paid the taxes.
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23 January 2025 | 6 replies
Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)
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22 January 2025 | 56 replies
Finally, and this is going to sound zen-ish, but there's also value in doing nothing.
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17 January 2025 | 6 replies
The 1031 exchange rule to defer your tax is two part 1) reinvest all your proceeds and 2) purchase a property (or properties / DSTs/TICs) with an equal or greater market value.
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17 January 2025 | 6 replies
Keep in mind that you get to depreciate these appliances on your taxes.
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21 January 2025 | 6 replies
If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.