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31 January 2025 | 0 replies
Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.
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31 January 2025 | 2 replies
So, if she bought the bitcoin for $1 million and is now using it to close on a $10 million property, that is a $9 million gain that needs to be accounted for in her income tax.
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4 February 2025 | 2 replies
Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.
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31 January 2025 | 6 replies
From there, it's easy enough to look up the tax rate for corporations and make your tax burden assumption.
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7 January 2025 | 0 replies
Did you have taxable income that could’ve been reduced utilizing tax strategies?
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4 February 2025 | 1 reply
Income would be from hunting dues and timber harvesting, expense would be conservation management, taxes, and the mortgage.
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4 February 2025 | 17 replies
We also got them to have it professionally cleaned, ducts cleaned, they threw in some furniture for free, paid a lot of the closing costs that buyer usually pays, paid most recent mill levy instead of prior years taxes, paid my 2.8% commission, etc. because it is a buyers market and that's what you can negotiate in a buyer's market.
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30 January 2025 | 45 replies
It's a primarily a utility asset, and secondarily a store of value against currency.
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14 February 2025 | 5 replies
This excludes 800 a month in property tax.
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24 January 2025 | 15 replies
The US Government and the States have but one way to deal with this, taxes.