 1031 Exchange To Go? (by Jeff [CO]) Nov 30, 2020 1:23 PM
 1031 Exchange To Go? (by Jeff [CO]) Nov 30, 2020 1:25 PM
1031 Exchange To Go? (by Landlord ofthe Flies [TX]) Nov 30, 2020 2:13 PM
1031 Exchange To Go? (by Richard [MI]) Nov 30, 2020 2:27 PM
1031 Exchange To Go? (by Ray-N-Pa [PA]) Nov 30, 2020 6:37 PM
1031 Exchange To Go? (by John... [MI]) Nov 30, 2020 9:01 PM
1031 Exchange To Go? (by Robert J [CA]) Dec 1, 2020 4:41 AM
1031 Exchange To Go? (by Jeff [OH]) Dec 1, 2020 6:17 AM
1031 Exchange To Go? (by S i d [MO]) Dec 1, 2020 8:00 AM
1031 Exchange To Go? (by John... [MI]) Dec 1, 2020 3:08 PM
1031 Exchange To Go? (by Ray-N-Pa [PA]) Dec 1, 2020 4:19 PM
1031 Exchange To Go? (by Jeff [CO]) Posted on: Nov 30, 2020 1:23 PM
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I saw that B iden might want to get rid of it. I think that would be a awful. Any thoughts?
--76.120.xx.xxx |
1031 Exchange To Go? (by Jeff [CO]) Posted on: Nov 30, 2020 1:25 PM
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It's really frustrating how this site doesn't allow certain common words and names. That's why there is the extra space above. And then they have the nonsense about the post being reviewed... --76.120.xx.xxx |
1031 Exchange To Go? (by Landlord ofthe Flies [TX]) Posted on: Nov 30, 2020 2:13 PM
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First Twitter blocking content, then Facebook, now Mr Landlord. We're being oppressed at every turn. --108.69.xxx.xxx |
1031 Exchange To Go? (by Richard [MI]) Posted on: Nov 30, 2020 2:27 PM
Message:
Yes, they just might do completely away with it. In fact, they might declare all taxes which have been delayed due to this due and payable immediately and attach our bank accounts and wages immediately to take the money.
They might do away with all deductions we take as investors. They might even decide that we do not deserve to own real estate at all- rentals or even the home we live in and take it all from us.
When these types get into power this is certainly possible. It's been done many times in the past.
When it is allowed, it happens.
I suggest we do what is necessary to protect our selves and families. Don't give them anything to take.Take out as much of your equity as possible and move it to a safe place if you think it's needed. --75.7.xx.xx |
1031 Exchange To Go? (by Ray-N-Pa [PA]) Posted on: Nov 30, 2020 6:37 PM
Message:
There was some discussion about it in his debates.
If Senate flips there is a chance it will pass.
I am told he would limit it to people with a certain AGI level. There hasn't been much discussion on how AGI might calculated - it could include income the sale of rental property so someone looking to down size is going to hit hard.
There is a way to help control AGI - take out loans on your places that are paid off. --24.101.xxx.xx |
1031 Exchange To Go? (by John... [MI]) Posted on: Nov 30, 2020 9:01 PM
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Ray: Your AGI is calculated how it always had been. There hasn't been any real talk of changing how AGI is calculated.
As for those "downsizing", note that a married couple can exclude $500,000 from the gain on selling your own home.
In my personal opinion, people that make half a million off of selling their own home probably should pay a bit of tax on that.
- John...
--96.40.xx.xx |
1031 Exchange To Go? (by Robert J [CA]) Posted on: Dec 1, 2020 4:41 AM
Message:
There are still ways to out fox the hen! Don't want to go into now, but for various fee's and the use of a corporate attorney and accountant, if the property is worth enough, you still can exchange without using a 1031 exchange and get out of paying most of the taxes... --47.155.xx.xxx |
1031 Exchange To Go? (by Jeff [OH]) Posted on: Dec 1, 2020 6:17 AM
Message:
John (MI) I read Ray’s “downsizing” comment completely different then you. I believe he was meaning reducing the amount of units that you rent. Therefore, the 250k/500k exclusion would not be appropriate. Also, though AGI is calculated the same way as it always has been, you and I know that depending on allowable tax deductions of a given year, it can greatly effect your AGI. --174.232.x.xxx |
1031 Exchange To Go? (by S i d [MO]) Posted on: Dec 1, 2020 8:00 AM
Message:
In my personal opinion, people making more than $500,000 on the sale of their personal home should not pay one penny in tax. Our country was founded on the principles of freedom and property rights. An income tax was unthinkable. The only tax the Founders provided for was a capitation (head) tax, which would be uniformly leveled on all citizens. No percentages. No graduated scales. Everyone would have to pay $X.
That would prevent people voting themselves ever larger shares of bennies from top to bottom, but perish the thought of actually having an equal tax! Govt might actually have to... (*gasp) ... live within its means. We can't have that when there are votes to bu....err, I mean "more equitable policies to make". --107.216.xxx.xxx |
1031 Exchange To Go? (by John... [MI]) Posted on: Dec 1, 2020 3:08 PM
Message:
Jeff: Ok, I can see that. If he meant LLs selling off a bunch of rentals where they made more than $400k, then I can see them having to pay their fair share of taxes on that increase. But, as I've said before, I'm fine with that and think it appropriate. I don't think it is fair or right that people are able to use 1031 exchanges to defer taxes -- and then another loophole just throws those defer taxes away at death.
So, I'm fine if they change EITHER the 1031 Exchange rules or the loophole that resets the basis when someone inherits the property. Because, as it is now, it just seems like a clear way to avoid ever pay their fair share of taxes.
- John...
--67.209.xxx.xx |
1031 Exchange To Go? (by Ray-N-Pa [PA]) Posted on: Dec 1, 2020 4:19 PM
Message:
The 250/500 is called a 121 exchange not a 1031 or 1033 exchange.
The middle class we have in our country has been built largely out out hard work and being able to obtain property rights. I don't see a benefit to limit them.
Some people may think getting to far ahead of the curve is a bad thing you and you should be punished. Why should hard work and risk taking be punished so that we can fund the government?
That is just my opinion....then again I also have three 1031s going now. If you elect to lock up the marketplace - a newer investor will not have a place to buy into because I am going just hold on to the thing and collect month rent payments
--24.101.xxx.xx |
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