All Forum Posts by: Mike McDevitt

Looks great Craig. 

That $70K - - - - you pay a sales commission and ordinary income tax out of that, right?

If the lender doesn't require it, I opt to pay taxes and insurance without the "benefit" of the lender's escrow. 

I do it because I have more control over when the property taxes get paid.  For example, I can split 2018 property taxes into 2 payments (1 in 2018, and 1 in 2019),  or I can pay the entire 2018 tax bill with one payment in 2018, or (if I have a reason to) I can pay the entire 2018 bill on 1/1/2019 (a day "late" - - but it may benefit me more than paying in TY2018).  

Huh?

You're going to NET $300K on an $80K investment in 4 years?

Why is this a question?

If I were you, and I were staying in RE - then I'd either cash out refi (to acquire add'l property), or 1031 exchange (because the current return on equity is poor).

But you said no more RE - - - in which case the question of whether or not to sell is clear.  Sell.  Nice job - - you've won!

Hey Dave - - There's no other way to say this. 

You need to have a CPA do your taxes and give you advice. 

Your questions (i.e. "Anything I should consider itemizing over taking the standard deductions") suggest you're not able to prepare your own return (correctly and to your benefit). 

Your CPA will keep up with the latest rules. Mine did, and saved me (easily) the cost of tax prep; and I'd been self-preparing for over 30 years - - - during which time I now realize I paid some "stupid tax".

Best to you - whatever you decide. 

-mm