I didnt get this: so what tax you paying if you are heir and got property that have tons of capital gain accumulated from 1031. It was mentioned - out of appraised price. So how the gain is calculated and where is saving?
I have a simple life. I retired 20 years ago at 45 without a pile of cash. I've been funding my retirement buying a fixer home, living in it, fixing it up myself (a hobby I like), selling and repeating. I've done that 3 times and currently working on #4 in central Phoenix. The cap gain has always been tax free. Haven't file Fed or state income tax in years. Because my reportable income is less than $16k I got Medicaid so 100% free healthcare and a free smartphone and data plan. I live in AZ where property tax is very reasonable, $1600/yr currently on a $570k home. Self storage seems like a lot of work and stress to me.
Thanks for the mention!! Love the lunch story on Ed because I hear this all the time. It is so important to make sure your CPA is not just filing your tax returns for last year and that they are also helping you to plan proactively to save on taxes.
Thank you for the video. I bought an investment property two months ago, but it couldn’t rent well, so I want to sell and do 1031. However I was told the IRS could challenge whether it was an rental property (vs flipping). What documentation do I need to prepare for a potential audit?
I just talked to my tax preparer regarding this as possible potential case. IRS will be 100% treating it as a flip and trying to charge you with income and self employment tax. I guess you can get your documentation as "attempts" to rent out as a proof and try.
I figured for you. No, it goes the same way because the purchase price of property is not changing and you depreciating purchase price. If you sell and roll in 1031 the difference in capital gain will be deducted from the total price you depreciating your asset from. P.S. I would appreciate if you check and sub to my channel if you like videos there.
I humbly will say I am, however, the space is filled with so many scams and shit. Def don’t recommend people that don’t know what they’re doing from just buying anything. But there’s very promising valid technology there
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I didnt get this: so what tax you paying if you are heir and got property that have tons of capital gain accumulated from 1031. It was mentioned - out of appraised price. So how the gain is calculated and where is saving?
Hearing Democrats Talk about avoiding taxes is pretty rich lol
Only when you get your information from Fox News.
Commercial real estate. I work on commercial real estate as an electrician. There are a LOT of empty buildings in my area.
Yeah but they won't tell you that
I have a simple life. I retired 20 years ago at 45 without a pile of cash. I've been funding my retirement buying a fixer home, living in it, fixing it up myself (a hobby I like), selling and repeating. I've done that 3 times and currently working on #4 in central Phoenix. The cap gain has always been tax free. Haven't file Fed or state income tax in years. Because my reportable income is less than $16k I got Medicaid so 100% free healthcare and a free smartphone and data plan. I live in AZ where property tax is very reasonable, $1600/yr currently on a $570k home.
Self storage seems like a lot of work and stress to me.
Thanks for the mention!! Love the lunch story on Ed because I hear this all the time. It is so important to make sure your CPA is not just filing your tax returns for last year and that they are also helping you to plan proactively to save on taxes.
Wow ....they've been on these gains and financial education for more than a decade😲. Thanks for the education and information ✌
Thank you for the video. I bought an investment property two months ago, but it couldn’t rent well, so I want to sell and do 1031. However I was told the IRS could challenge whether it was an rental property (vs flipping). What documentation do I need to prepare for a potential audit?
Why didn’t it rent well?
@@laprepper location wasn’t great.. bought sight unseen
I just talked to my tax preparer regarding this as possible potential case. IRS will be 100% treating it as a flip and trying to charge you with income and self employment tax. I guess you can get your documentation as "attempts" to rent out as a proof and try.
My town is FLOODED in self storage. I think the gig is up
Wow thank you!
i have a q?
if i refinence after 10 years, does the 27.5 years depreciation start over?
@Scoonie You may want to check this. Financing and deprecation are different animals. You can still depreciate a property you pay for with cash.
I figured for you. No, it goes the same way because the purchase price of property is not changing and you depreciating purchase price. If you sell and roll in 1031 the difference in capital gain will be deducted from the total price you depreciating your asset from.
P.S. I would appreciate if you check and sub to my channel if you like videos there.
A lot of pump and dump comments lol... name one of your friends/family that is rich and or/ retired from crypto 😅🤣😂
I humbly will say I am, however, the space is filled with so many scams and shit. Def don’t recommend people that don’t know what they’re doing from just buying anything. But there’s very promising valid technology there
Govt takes 24% of my income. Dose some good stuff with it. Some bad stuff. Wastes a lot of it. Yay
“I need a place for my stuff” George Carlin
Is this an old video? That CPA story sounds really familiar.
Amazing video, thanks Paul! Always good to see you sir.
Great video. Time stamps are a little off just fyi
😎🙌
More paul moore please
Great info
New here! Love this channel!
Awesome. I was just wondering this exact thing. Thanks for sharing.
When you write off repairs , does that affect your depreciation credit ?