 profits on the investmen (by Lawson [MD]) Oct 15, 2020 6:04 PM
 profits on the investmen (by Lawson [MD]) Oct 15, 2020 6:05 PM
profits on the investmen (by Robert J [CA]) Oct 15, 2020 7:09 PM
profits on the investmen (by Lawson [MD]) Oct 15, 2020 10:30 PM
profits on the investmen (by Tonia [RI]) Oct 15, 2020 10:44 PM
profits on the investmen (by S i d [MO]) Oct 16, 2020 8:10 AM
profits on the investmen (by LindaJ [NY]) Oct 16, 2020 8:26 AM
profits on the investmen (by 6x6 [TN]) Oct 16, 2020 9:22 AM
profits on the investmen (by 6x6 [TN]) Oct 16, 2020 9:24 AM
profits on the investmen (by Landlord ofthe Flies [TX]) Oct 16, 2020 2:55 PM
profits on the investmen (by Ray-N-Pa [PA]) Oct 16, 2020 3:50 PM
profits on the investmen (by Pmh [TX]) Oct 16, 2020 4:58 PM
profits on the investmen (by 6x6 [TN]) Oct 16, 2020 5:38 PM
profits on the investmen (by Lawson [MD]) Posted on: Oct 15, 2020 6:04 PM
Message:
I am in the process of selling my investment property. What are the regulations regarding how the profits are to be
invested; And for what period of time. --172.58.xxx.xx |
profits on the investmen (by Lawson [MD]) Posted on: Oct 15, 2020 6:05 PM
Message:
profits on the investmen (by Robert J [CA]) Posted on: Oct 15, 2020 7:09 PM
Message:
You got it all wrong. You can't touch 1 red cent of your sales proceeds or that part will be taxed. You have to have a 3rd part hold your money, called a accommodator. This is whole thing is part of a 1031 exchange. You have 45 days to identify an exchange property and a total of 180 to close the deal.
You need to hire a professional. Have a good tax accountant who knows about investment property.
Other wise you will have to pay:
Federal Long Term Capital gains tax, 15-20%
State Tax
25% back on the depreciation taken.
And if your income is above $200,000 or you and your spouse is over $250,000 -- there is a 3.8% Medical tax....
--47.155.xx.xxx |
profits on the investmen (by Lawson [MD]) Posted on: Oct 15, 2020 10:30 PM
Message:
Who qualifies as a qualified intermediary? What papers are necessary to transfer the profits? Where do I get the necessary forms?Can you transfer the profit into an interest bearing account? --172.58.xxx.xx |
profits on the investmen (by Tonia [RI]) Posted on: Oct 15, 2020 10:44 PM
Message:
I too am selling my investment property. I would love more information about this topic. --99.203.xxx.xxx |
profits on the investmen (by S i d [MO]) Posted on: Oct 16, 2020 8:10 AM
Message:
Need some clarification on your goal. It sounds like you could be talking about a tax free exchange to avoid paying capital gains, or it could be you simply want to take advantage of lower long term capital gains.
It sounds like you're wanting to do a 1031 tax free exchange, although you didn't say that clearly. So, Question #1: Are you trying to do a 1031 Tax Free exchange?
If yes, we can give some advice. Most likely, though, you will want to employ a CPA or Title Company who specializes in these types of deals. The minor cost of having an expert set this up for you will give you peace of mind and make sure the I's are dotted and the T's are crossed.
If no, then are you wanting to get the lower long-term capital gains rate on your profit (15-20% vs. your ordinary tax rate)? If yes, then you must have owned the property for at least 1 years to qualify for the lower rate.
If not, then I have no idea what you're trying to accomplish and need more information.
--107.216.xxx.xxx |
profits on the investmen (by LindaJ [NY]) Posted on: Oct 16, 2020 8:26 AM
Message:
If you are not doing a 1031, this is not part of a "company" and this is not in an IRA, - after you pay the taxes on your profit, you can do whatever you want with the money. Invest elsewhere, buy a car, buy new property..
--108.4.xxx.xxx |
profits on the investmen (by 6x6 [TN]) Posted on: Oct 16, 2020 9:22 AM
Message:
Robert J, when you say " if your income is above $200,000 or you and your spouse is over $250,000 -- there is a 3.8% Medical tax..", does that include any profit from the sale or is that just other income? --73.120.xx.xxx |
profits on the investmen (by 6x6 [TN]) Posted on: Oct 16, 2020 9:24 AM
Message:
Does a 1031 exchange not require purchasing like property? --73.120.xx.xxx |
profits on the investmen (by Landlord ofthe Flies [TX]) Posted on: Oct 16, 2020 2:55 PM
Message:
If B i d e n wins, I'm thinking of selling assets this year at the current capital gains rate rather than push it forward. I assume they'll pack the courts, make a few territories states, and do everything possible to never lose another election, if any future elections will be had. So I'm expecting the capital gains rate to be high for the rest of my life if T r u m p doesn't win. --108.69.xxx.xxx |
profits on the investmen (by Ray-N-Pa [PA]) Posted on: Oct 16, 2020 3:50 PM
Message:
Some basic 1031 rules if you elect to stay invested in real estate.
You have 45 days to ID replacement properties. You can ID three at any value at all. If you you ID more than 3 than the replacement value of the properties can't be greater than 200% of the sales price of the property you are selling
You will have 180 days to purchase one of the replacement properties .
If you follow these rules, you can defer the tax payments on capital gains, ACA, and depreciation recapture.
I am in the middle of two 1031s as we speak and I have over $400,000 in taxes that are in deferment. Being a coupon cutter - I tend to notice a $400,000 savings.
The strategy I use is defer, defer, defer and then die. At your death the increase in tax basis transfer on to the new owners. --24.101.xxx.xx |
profits on the investmen (by Pmh [TX]) Posted on: Oct 16, 2020 4:58 PM
Message:
6x6: We sold a house last year for a lot more than we bought it for 10 years ago so had to pay the 3.8%....neither me or my wife have more than 200k on w2 income (although I would be happy if she made more than $250k...) our cpa did say sell now if you want to sell any more.... --107.77.xxx.xxx |
profits on the investmen (by 6x6 [TN]) Posted on: Oct 16, 2020 5:38 PM
Message:
Thank you Pmh --73.120.xx.xxx |
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