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10 June 2024 | 1 reply
Weather that's for swapping numbers to meeting in person for coffee.
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12 June 2024 | 24 replies
I really liked reading about your journey.
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10 June 2024 | 5 replies
We spoke with a lawyer who advised forming an LLC to purchase the home to protect our personal assets.
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10 June 2024 | 10 replies
Buy the property in your personal name and get an umbrella insurance policy for protection.
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11 June 2024 | 11 replies
Unfortunately due to personal reasons, I was not able to attend the event.
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12 June 2024 | 13 replies
Whenever a person is ready to sell, a thorough cleaning that gets in the nook and crannies is needed.
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12 June 2024 | 8 replies
Another CPA can correct me if wrong but I don't think there's going to be any recapture here.27.5 to me implies 1250 property and if acquired after 75' means no additional depreciation to recapture.I think there would be unrecaptured 1250 in the amount of the depreciation taken previously, max 25% at ordinary rates.The total gain less unrecaptured 1250 I believe would be 1231 capital gains, not considering other factors like look back and netting rules.Also the land would be 1231 and would get capital gains treatment.And personally I would subtract selling costs as a capitalized selling cost.Amount RealizedLess: Adjusted BasisRealized Gain/LossLess: Selling ExpensesRecognized Gain 1001I could be wrong though so correct me if so.Article for those interested:Depreciation recapture in the partnership context (thetaxadviser.com)While Sec. 1250 only requires additional depreciation to be recaptured as ordinary income, Sec. 1(h)(1)(E) subjects unrecaptured Sec. 1250 gain to a maximum tax rate of 25%.
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11 June 2024 | 12 replies
@Christian Nielsen for my personal project, i am building an ADU within the structural envelope of my existing SFR.
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11 June 2024 | 18 replies
I kept trying and one person on here told me that it could.
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11 June 2024 | 8 replies
Things like job opportunities, school districts, amenities, and personal preferences should be considered when making a decision.