You can’t do what you are proposing. ALL cap gains on investment property is taxable. Also, there is some obscure rule that some portion of the depreciation part of the the loss is stripped away at the time of the sale, for purposes of calculating taxes.
You can’t do what you are proposing. ALL cap gains on investment property is taxable. Also, there is some obscure rule that some portion of the depreciation part of the the loss is stripped away at the time of the sale, for purposes of calculating taxes.
this has entered tit for tat and about to cross over to my old fav past time of “representation by lefty & righty”. if a fight is ever happen, let it be something more legit than this tit for tat shit. we aint in kindergarden anymore.
Joe,
truth is Kens has more friends on here than you. No need to debate/dispute that. that doesn’t mean anything more than that.
chill man. keep the venom virtual. it would help “buy” some friends here if you show up and bribe us with some drinks man. I might even say “unions are the best” after a few freebies
m4l, don’t forget that the cap gain on the rental portion rises as you use up ,ore depreciation.
But this will be interesting even more so for me once i start to draw money from IRA. I could shield a much larger draw down from taxes by selling a building in conjunction with that.
i did that a few years ago. I wanted to sell an investment property on Cape Cod and did it against a year where I had a big bonus. The loss from the Schedule E reduced the tax burden of the bonus and the cap gain was almost solely covered by the $150k exemption.
I’ve seen Kens and he’s a snazzy dresser.
Posted by: Expert Textpert at February 9, 2010 5:08 PM
Awww Thanks ET. xo xo (Blushing) You know we’re cool (even if we had our little differences here and there).
Sorry, the $150k applies only to the residence.
M4L;
You can’t do what you are proposing. ALL cap gains on investment property is taxable. Also, there is some obscure rule that some portion of the depreciation part of the the loss is stripped away at the time of the sale, for purposes of calculating taxes.
M4L;
You can’t do what you are proposing. ALL cap gains on investment property is taxable. Also, there is some obscure rule that some portion of the depreciation part of the the loss is stripped away at the time of the sale, for purposes of calculating taxes.
DH very funny man
Kens
Joe,
this has entered tit for tat and about to cross over to my old fav past time of “representation by lefty & righty”. if a fight is ever happen, let it be something more legit than this tit for tat shit. we aint in kindergarden anymore.
Joe,
truth is Kens has more friends on here than you. No need to debate/dispute that. that doesn’t mean anything more than that.
chill man. keep the venom virtual. it would help “buy” some friends here if you show up and bribe us with some drinks man. I might even say “unions are the best” after a few freebies
m4l, don’t forget that the cap gain on the rental portion rises as you use up ,ore depreciation.
But this will be interesting even more so for me once i start to draw money from IRA. I could shield a much larger draw down from taxes by selling a building in conjunction with that.
i did that a few years ago. I wanted to sell an investment property on Cape Cod and did it against a year where I had a big bonus. The loss from the Schedule E reduced the tax burden of the bonus and the cap gain was almost solely covered by the $150k exemption.
okay okay, I picked a side.
Since not one responded to what they’re wearing and I’ve seen Kens and he’s a snazzy dresser. I’m on Kens’ side.
Kens I got your back.
[hiding behind the goat]
Joe;
Cool it! Your recent comments to DIBS and Kens are way below the belt.