Hi Nguyen, I will probably need to hire a real estate account or lawyer for this but what’s your thoughts: Purchased a rental condo for $200K, in a small town that had a mining industry, now mining is no longer booming and home price drop market value now is $70K. If I sell at a loss, will I be able to claim loss incurred against regular income or it will have to be rental income? Thanks
I had a property for 25 years in which I stayed for 1-2 months every year. ( I was living abroad and did not rent it). Can I avoid capital gains tax when I sell it?
Great video man. Direct, to the point, no BS. Also I like that you said "no" to the question "Can I just buy another property similar to the one I sell?"... Because technically you can through the 1031 exchange, but IMO it's better to teach people "no" first so they don't have this idea in their head that they can just go out and do whatever and then be surprised when it backfires. Earned a new sub, thanks.
I'm working with a different set up so you might find me having a bad case of shifty eyes making sure things are going okay.
Hi Nguyen, I will probably need to hire a real estate account or lawyer for this but what’s your thoughts:
Purchased a rental condo for $200K, in a small town that had a mining industry, now mining is no longer booming and home price drop market value now is $70K. If I sell at a loss, will I be able to claim loss incurred against regular income or it will have to be rental income? Thanks
I had a property for 25 years in which I stayed for 1-2 months every year. ( I was living abroad and did not rent it). Can I avoid capital gains tax when I sell it?
Can I do anything with my passive loss carryovers to off set the capital gain?
Great video man. Direct, to the point, no BS. Also I like that you said "no" to the question "Can I just buy another property similar to the one I sell?"... Because technically you can through the 1031 exchange, but IMO it's better to teach people "no" first so they don't have this idea in their head that they can just go out and do whatever and then be surprised when it backfires. Earned a new sub, thanks.