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3 February 2025 | 8 replies
If you're still looking for a CPA/Tax Strategist in California feel free connect.
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31 January 2025 | 0 replies
There will be no assessment for increase in taxes or insurance so remains at $1935.
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16 January 2025 | 6 replies
If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense.
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10 February 2025 | 5 replies
I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.
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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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27 January 2025 | 5 replies
If 1031 is to be implemented it must be done on the property level.2. 1031 generally does not apply to IRAs since they are tax-exempt. 3.
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19 January 2025 | 42 replies
You and Him are filing one joint tax return.
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22 January 2025 | 5 replies
You will want to fully understand the tax reporting burden you will face.
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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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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.