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9 April 2024 | 2 replies
What apps should I use for setting up a system to invest in tax deeds?
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11 April 2024 | 23 replies
From Wikipedia, Alabama has the second lowest property taxes behind Hawaii.2.
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9 April 2024 | 19 replies
It's advisable to create a detailed budget and consult with a financial advisor to ensure you're well-prepared for the financial responsibilities of house hacking.
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12 April 2024 | 11 replies
Plug it all into BNBCalc and share it so others can give you feedback- look at the tax savings via the "short-term loophole" at the bottom and learn how that functions as well as it can be a huge aspect of your investment.
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11 April 2024 | 0 replies
She had no use for it and the taxes were becoming a burden.
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10 April 2024 | 14 replies
Consult with experts, such as real estate agents, financial advisors, lawyers, and tax professionals, to help you navigate the investment process and meet all legal and financial obligations.Good luck!
13 April 2024 | 19 replies
I think the tax benefits combined with building equity is the goal, cash flow is not a major issue thankfully with our household w2 income.
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11 April 2024 | 13 replies
Since you requested any book recommendations, I wanted to point you towards Tax Free Wealth by Tom Wheelwright.
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11 April 2024 | 7 replies
Definitely discuss w your tax advisor too.
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11 April 2024 | 2 replies
., 17.5 years remaining for residential property).New Schedule: Simultaneously, start a new depreciation schedule for the additional cost basis attributed to the replacement property, following standard timeframes (27.5 years for residential, 39 years for commercial).Option 2: Treat as New AssetCombined Basis: Treat the entire cost basis of the replacement property (carried-over basis + additional funds invested) as if it were a newly acquired asset.Single Schedule: Depreciate the total cost basis over the standard timeframe for the replacement property type (27.5 years for residential or 39 years for commercial).If you choose option #2, you need to file an additional form (4652) with your tax return.