Please Scroll Down to See Forums Below mike peters
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Who here buys/sells and or rents out property (houses, apartments)? Let us know the ins and outs. Thanx
Buying/selling houses..
- Thread starter mike peters
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I've owned five houses so far in my life and I've been a land lord as well.
If you "broker" property then you are subject to capitol gains taxes on the property. Meaning you buy and resale it within a short period of time. If you buy it, live in it for x amount of time then you don't have capitol gains taxes. However you have 18 months to reinvest in new property or the gain is declared as income unless you invest in a sub section (e) type of business.
I don't remember the time requirements for ownership.
If you rent out property, you have a change in insurance to commercial status, and a declaration of deprectiation against the property plus you can write off all reasonable and normal expenses related to the ongoing business of being a landlord.
Next post will costs you a $150.00 consult fee! )
If you "broker" property then you are subject to capitol gains taxes on the property. Meaning you buy and resale it within a short period of time. If you buy it, live in it for x amount of time then you don't have capitol gains taxes. However you have 18 months to reinvest in new property or the gain is declared as income unless you invest in a sub section (e) type of business.
I don't remember the time requirements for ownership.
If you rent out property, you have a change in insurance to commercial status, and a declaration of deprectiation against the property plus you can write off all reasonable and normal expenses related to the ongoing business of being a landlord.
Next post will costs you a $150.00 consult fee! )
