[quote]dmaddox wrote:
[quote]mutantcolors wrote:
[quote]dmaddox wrote:
Real Estate Taxes are extremely low. Even if your property appreciates 100% in a day and you sell you can defer the taxes indefinitely because of the 1031 Tax Deferred Exchange.
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I don’t want the appreciation. I want the cash. Assess my value at $0 Mr. Assessor, pretty please. I know it’s true worth.
Of course you realize I am not talking flips here.
Shit, I haven’t paid income tax in a lot of years, because I hardly ever get a paycheck. Earned income gives me a sad.[/quote]
You are talking about Property Taxes. That is different. I protest my property assessment every year. Try to get it lower and lower.
I have not paid income tax on my passive income in years either. In fact I get to deduct my losses against my W-2 income. I love my rental properties. Next with the Apartments I can ratchet up the depreciation.
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I’m talking about all of it, and that is why I call it a better tax bracket.
[quote]Waittz wrote:
I already give to a charity of my choice monthly. The plan for the cash is the charity of Waittz pocket where it will sit until I can find a way for it to work for me in the best manner. [/quote]
K. Doesn’t mean looking into the idea won’t land you more $ which was the entire premise of my response.
[quote]Jewbacca wrote:
[quote]dmaddox wrote:
[quote]mutantcolors wrote:
[quote]dmaddox wrote:
Duplexs are cash cows, but the appreciation sucks.[/quote]
That’s what I call a better tax bracket.
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Real Estate Taxes are extremely low. Even if your property appreciates 100% in a day and you sell you can defer the taxes indefinitely because of the 1031 Tax Deferred Exchange.
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I’ve done a fair amount of 1031 flips. The problem is you (as a practicality) have to keep getting bigger.
That, and I didn’t sell last year and take my medicine, like I should have. I suppose I’ll hold until we have non-communists in charge.[/quote]
1031’s are a joke… Giant pain in the ass… My partner had us do it after a flip it fucking sucks… You want less paperwork not more… Stay liquid hide your cash and pay your account to find loopholes and help you keep your cheese… Thats what they get paid for… If flipping your mind should be on bringing down labor/material costs and finding deals… IE increasing sales & proffits…Leave the nerd shit to the beancounters