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26 November 2024 | 3 replies
The best strategy depends on your goals, but here’s a breakdown:Selling outright would result in paying capital gains tax and depreciation recapture, but since the appreciation is minimal, the tax impact may be relatively low.Gifting the property to your son could potentially allow him to sell it with a lower tax rate, but since he hasn't used it as a primary residence, he won’t qualify for the exclusion of capital gains tax on a primary residence, and you'd need to account for gift tax implications.1031 exchange could defer taxes, but you would need to purchase a like-kind property of equal or greater value and meet all the IRS requirements.
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27 November 2024 | 7 replies
What we do for houses with heating oil , we measure the amount of oil in the tant ( There is a chart that tells yo how many inches equals gallons ) And the tenants pay that up front when they move in , the oil is now theirs .
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28 November 2024 | 5 replies
Even if you have a property manager the injured party is going to claim you knew about the situation or should have known, so you’re equally responsible.
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25 November 2024 | 4 replies
You could/should offer a small non-refundable EMD, say $5k if that’s equal to a couple month’s rent.
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1 December 2024 | 377 replies
At minimum 100 more as I have realized that the more units equals more capitol...which equals ability to outsource.... which equals kinda/sorta not really passive income!
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24 November 2024 | 2 replies
Example: A borrower has a $25,000 student loan balance and you multiple it by 5%, which equals $1,250.
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27 November 2024 | 8 replies
I do think that great credit score doesn't equal to on time rent payments.
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5 December 2024 | 554 replies
One bitcoin equals one bitcoin, same as the dollar that way.
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25 November 2024 | 11 replies
If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.
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25 November 2024 | 0 replies
Donate the Property: Donating the property to a qualified charitable organization can provide you with a charitable deduction equal to the property’s fair market value and eliminate capital gains taxes.Implementing these strategies requires careful planning and consideration of your specific financial situation.