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15 April 2024 | 3 replies
Distributions from IRA are taxable.
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15 April 2024 | 1 reply
2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet?
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15 April 2024 | 7 replies
This can reduce your taxable income for the year.Carrying Forward Unused Losses: If your total capital losses exceed your total capital gains plus the allowable deduction against other income (currently up to $3,000 for individuals or $6,000 for married couples filing jointly), you can carry forward the unused portion of your capital losses to future tax years.Regarding your question about deferring capital losses into 2023 and using them to offset capital gains in that year, yes, you can typically carry forward unused capital losses from previous years and use them in future years, even if you had capital gains in those previous years.So, if you choose not to use all of your capital losses from 2022 to offset your income in that year, you can carry forward the remaining losses to 2023 and use them to offset capital gains you expect to have in that year.
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14 April 2024 | 5 replies
Not for me, I wouldn't want to be forced to distribute 90% of taxable income to shareholders.Private fund?
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15 April 2024 | 12 replies
In most of the 35 or so deals i've been in, i've had little to no taxable distributions until year 7-8 on our typical 10-year hold period, so a 10% cash on cash return is an effective 13.33% for example when you compare to other taxable returns if at 25% bracket, The syndication next can roll the sale proceeds into another larger investment, like-kind, 1031 exchange and not have to pay any long-term capital gains taxes, about 20-23.8% nor any depreciation recapture tax about 25%.
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15 April 2024 | 9 replies
Flips are exciting, you learn a lot, more risk, more upside, more headaches, more short term taxable income.
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15 April 2024 | 7 replies
This means you need to report your rental income on your tax return, which is usually taxable, but you might be able to take deductions for rental expenses like mortgage interest, property taxes, utilities, repairs, and upkeep.When you work from home, you can deduct expenses related to using your property for business purposes.
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14 April 2024 | 15 replies
You may create a taxable event here.You get a SDIRA to invest in real estate or other investments Check the IRS website, this is all real.
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13 April 2024 | 8 replies
Will show a taxable losss.
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12 April 2024 | 2 replies
Maybe, this would be considered a distribution of property from the LLC which would cause a taxable gain should the llc not have sufficient basis to take from.For #3 and for all of your questions really, there can be a lot of hidden complexities depending on your exact situation.