1031 exchange advise (by Kirk [KS]) Nov 27, 2009 8:26 AM
1031 exchange advise (by Jim in OC [CA]) Nov 27, 2009 9:12 AM
1031 exchange advise (by Jason PA [PA]) Nov 27, 2009 10:02 AM
1031 exchange advise (by Kirk [KS]) Nov 27, 2009 10:10 AM
1031 exchange advise (by Robert J [CA]) Nov 27, 2009 11:52 AM
1031 exchange advise (by Jason PA [PA]) Nov 27, 2009 12:34 PM
1031 exchange advise (by Robert J [CA]) Nov 27, 2009 1:24 PM
1031 exchange advise (by p m h [TX]) Nov 27, 2009 3:00 PM
1031 exchange advise (by BRAD_IN 20,000 [IN]) Nov 30, 2009 9:10 PM
1031 exchange advise (by Kirk [KS]) Posted on: Nov 27, 2009 8:26 AM Message:
State Specific Question About: KANSAS (KS)
I'm closing a sale on my trailer park the first week of Dec. and have been planning to do a 1031 Exchange into a new property. The more I look into this the more futile it looks.
I can defer the tax to a later date, but will end up paying the current or higher tax rate at that time, I pay around $1000 for the service charges associated with the exchange now. I don't need the leverage to buy the new propety, but would be deferring over $12,000 in tax. sigh....
any advise?
--158.247.xxx.xxx |
1031 exchange advise (by Jim in OC [CA]) Posted on: Nov 27, 2009 9:12 AM Message:
For only $12000 I would not go the 1031 route. --70.170.xx.xxx |
1031 exchange advise (by Jason PA [PA]) Posted on: Nov 27, 2009 10:02 AM Message:
You have to target replaceemnt properties for the 1031, and then you must buy one or more of them. You can chacge your replacement property selections up until a certain point. If you know you will be able to find property and that you will definitely being willing and able to buy that property it MIGHT be worth it.
Capial gains in my opinion is best paid now. This administration, their ideals, their $$ spending, etc they will definitely raise the cap gains tax rate in the future, probably alot. I would rather pay 15% or whatever your gain is now versus risking paying 40% in a few yers anyway.
I just had to go through this scenarion myself. --98.111.xxx.xxx |
1031 exchange advise (by Kirk [KS]) Posted on: Nov 27, 2009 10:10 AM Message:
Yeah that's a good point Jason, I figured tax will go up, but considering the way things are headed, they will probably end up WAY up.
I think I'll scrap the whole thing and just pay the 15% now, which is already a joke. --158.247.xxx.xxx |
1031 exchange advise (by Robert J [CA]) Posted on: Nov 27, 2009 11:52 AM Message:
The Federal Tax on long term capitol gains is 15%, then add your State Tax and the Recapture on the Depreciation. --98.119.xxx.xx |
1031 exchange advise (by Jason PA [PA]) Posted on: Nov 27, 2009 12:34 PM Message:
Is the recapture taxed at 15% or is it taxed at current income bracket? --98.111.xxx.xxx |
1031 exchange advise (by Robert J [CA]) Posted on: Nov 27, 2009 1:24 PM Message:
On your depreciated amount, the recapture rate (tax) is 25%.
Federal tax on long term capital gain 15%
State tax 3.5% to 6.45%, depending upon income level
Recapture tax 25% on depreciated amount --98.119.xxx.xx |
1031 exchange advise (by p m h [TX]) Posted on: Nov 27, 2009 3:00 PM Message:
I sold property in March for 2x what I had bought it for just 4 years ago. I elected to pay up now on taxes. 1031 just defers taxes, and no doubt that works for many, but think about what the rates will be when you stop playing musical chairs.....
our kids kids kids will be paying for the current stupid bailouts. I don't care, I'll be dead by then.
--68.191.xxx.x |
1031 exchange advise (by BRAD_IN 20,000 [IN]) Posted on: Nov 30, 2009 9:10 PM Message:
Remember, our pres is on record saying he wants to spread the wealth. Congress will have to find money somewhere to pay for their programs.
I'm sorry - I forgot - they DON'T need to ind money when they own the printing press. --69.243.xxx.xx |
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