REAL ESTATE TAX EDUCATION REQUIRED

9 Replies

Hi Guys,

Seeing as I'm expecting major capital gains over the next year, can someone please recommend a book that talks mainly about taxes as they apply to Real Estate? 1031 Exchange, Depreciation and the likes?

Your suggestions will be immensely helpful.

thanks.


@Laurence Obi one I read years ago was Real Estate Loopholes which was one of the rich dad books. I suspect today it is a bit dated.

The IRS puts out all kinds of free handbooks on taxation. Just Google IRS publication - and then a subject like capital gains.

Some of the more creative stuff to look into would be self Directed IRAs or 401Ks, 1031 exchanges or Opportunity zones. 

Originally posted by @Ned Carey :

@Laurence Obi one I read years ago was Real Estate Loopholes which was one of the rich dad books. I suspect today it is a bit dated.

The IRS puts out all kinds of free handbooks on taxation. Just Google IRS publication - and then a subject like capital gains.

Some of the more creative stuff to look into would be self Directed IRAs or 401Ks, 1031 exchanges or Opportunity zones. 

 Thank you Ned 

will check out the IRS publications.

Originally posted by @Michael Skoczylas :

@Laurence Obi - there are plenty of people on here (Myself, @Dave Foster , and others) that can talk you through a 1031 exchange and how it works, and why it is so valuable. For Depreciation, your men are @Yonah Weiss and @Ari Lasky .

 Thanks Michael.

Would like to schedule a call with you.

Sending you a direct message. Thank U

@Laurence Obi

Have you talked with your accountant on how to minimize your tax hit?
Do you have capital loss carryforwards?
Can you do a 1031 exchange?
can you put your proceeds into a Qualified Opportunity Fund?

Your accountant will know the best route since he knows how your tax profile is.

Doing a cost seg may or may not reduce your tax burden in the current year.

@Laurence Obi

Really do the math of this and it depends on what you are moving to. I thought 1031 was the 🐈 pajamas until I really dug into it. I actually backed out of one recently and decided paying the taxes in a fairly sized gain was better long term. FYI if you back out they still keep your money for 45 days. Lol. Didn’t know that one.

Originally posted by @Basit Siddiqi :

@Laurence Obi

Have you talked with your accountant on how to minimize your tax hit?
Do you have capital loss carryforwards?
Can you do a 1031 exchange?
can you put your proceeds into a Qualified Opportunity Fund?

Your accountant will know the best route since he knows how your tax profile is.

Doing a cost seg may or may not reduce your tax burden in the current year.

Will take all of this into consideration. Thank you.

 

Originally posted by @Josh C. :

@Laurence Obi

Really do the math of this and it depends on what you are moving to. I thought 1031 was the 🐈 pajamas until I really dug into it. I actually backed out of one recently and decided paying the taxes in a fairly sized gain was better long term. FYI if you back out they still keep your money for 45 days. Lol. Didn’t know that one.

Interesting. Re:: Still keeping for 45 days.