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Thread: DreamboatAnnie's Account Talk

  1. #2029

    Join Date
    Mar 2013
    Location
    Bloomington, Indiana
    Posts
    322

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by bmneveu View Post
    Would you mind providing details on why you are losing money? The income / equity gain isn’t enough to offset damage / maintenance? Curious because I have a rental as well.


    Sent from my iPhone using Tapatalk
    Basically, i dont keep it rented like i should. Depreciation and property tax is so high it is very close to the rental reciepts even when I do have it rented. 8500 bucks a year for rent. Cost basis was 125k over 27 years so like 4k from that. 2.2k property tax, mowing. If I pay some off rent utilities that's a grand or two.

    Sent from my SAMSUNG-SM-N910A using Tapatalk
    100% G fund COB 12/22/2023 Was 80%G 20%C

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  3. #2030

    Join Date
    Jan 2016
    Location
    Kings Mountain, NC
    Posts
    107

    Default Re: DreamboatAnnie's Account Talk

    Here is another tough question since I own a rental property too. What if your LLC owns the property. The LLC sells that property to do a like kind swap. The LLC buys a new property and YOU are the new renter? I have done 0 research on this, but I plan on building in 10-12 years.

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  5. #2031

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by Scout333 View Post
    DA, while looking for information about how the new tax law might affect the conversion I saw an article which indicated that there was a tax law change in 2009 which seemed to require a proration of the gain if the property was used for anything other than residential i.e. rental. For example, if it was rental for three out of the past five years 60% of the gain could be taxable? The depreciation recapture also seemed to apply to the taxable gain portion. Didn't see anything in the new law which would change this provision. You are exactly right this is a very complicated section of the tax law especially the like kind exchange rules! Suggest a good tax expert who is familiar with this section of the law. Good luck to us all!
    Gosh...had not heard of that change. I definitely need to read a few pubs on this. That change would make it so you must stay in house for five years before selling. Or do like kind exchange, rent out that second property but it would need to be house you plan to retire in or live in for minimum of five years. Sell current primary home after second home has rented for two years and take exclusion on primary, and then move into the second rental to convert it to primary. Ugghhh....so convoluted!!! would definitely need to read up on sale of like kind exchanged property too.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  7. #2032

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by kb9nvh View Post
    Basically, i dont keep it rented like i should. Depreciation and property tax is so high it is very close to the rental reciepts even when I do have it rented. 8500 bucks a year for rent. Cost basis was 125k over 27 years so like 4k from that. 2.2k property tax, mowing. If I pay some off rent utilities that's a grand or two.

    Sent from my SAMSUNG-SM-N910A using Tapatalk
    Hi KB, I would go out to Zillow and look for rentals in your rental's zip code and see how much rental properties are renting for that are about same condition and size. If your renting way below that, do new contract with current renters and up the rent every 6 months, if it's legal in your State. I understand rent..rule of thumb is 10% of property value. Of course it depends on how high property taxes are in your area. If your not capturing enough to save for larger reairs and covering yearly taxes and insurance and earn at least 7% of value of property, then you should consider if investing elsewhere would be better.
    Best wishes!!!!!
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  9. #2033

    Default Re: DreamboatAnnie's Account Talk

    I'm exiting. Probably not the best day to exit, but this was a very weak dead cat bounce that did not retrace even 50%---although I guess it could in the coming days. I'm sure market will eventually rebound... but at this point, I need to stop the bleeding. I will live to fight another day. I will likely will be -3.5% by the end of day if the selling does not accelerate in afternoon. Hoping its not more than 1.2% drops. I can fix that but anything larger would be emotionally difficult. I hope it recovers in the afternoon. Time to switch to downtrend strategy.

    Best Wishes to Everyone on your Investments!!!!!!!

    P.S. Just checked intraday charts and looks like buyers are stepping in.. well at least for last 45 minutes... prices moving up a bit so now only at 1.09% drop. hum... makes me feel so much better!
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  11. #2034

    Join Date
    Mar 2013
    Location
    Bloomington, Indiana
    Posts
    322

    Default Re: DreamboatAnnie's Account Talk

    Good luck DBA...I pulled the plug after the two horrible drops so your probably still ahead of me...This market will come back but my risk tolerance is pretty low. Fun to think I almost pulled back to the g fund the thursday before the big drop..then cancelled the transaction. that was a 26 thousand dollar mistake..LOL Just have to keep telling myself it was never my money to begin with.. good luck with your moves and I'll see you on the other side of this crap!! haha


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  13. #2035

    Join Date
    Aug 2011
    Location
    Mississippi
    Posts
    904

    Default Re: DreamboatAnnie's Account Talk

    Me too. I was out right near the top. Then, after listening to a few say how much further this market could go, I got back in because of my greed (and also because I thought “they” knew so much more than I did).

    So, now I’ve went and spread my money amongst C, S, and I while hoping that tomorrow is a better day.

    I feel bad because I’ve actually hoped for an opportunity like this once more before I retire; and now I’ve only managed to waste it.


    Sent from my iPhone using TSP Talk Forums
    Scott Harrison
    Senatobia, MS

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  15. #2036

    Default Re: DreamboatAnnie's Account Talk

    Hi KB and RR,
    It's really tough to take. I'm now around -5% in the hole, but I'll dig out. Really awful though. Need to remember that next time the market rallies sharply, I should watch for a 10 EMA crossing below 13 daily EMA as exit signal. If the growth is not steep, then that would have you in and out a lot...but for what we've been experiencing since last quarter and through January... That is the only indicator that could save you. I forgot about that.....plus greed. The quickness was like 1987 flash crash.

    One thing that I have learned is that no one truly knows what will happen. You will have "experts" tell you the sky is falling ad others telling you to stay in and keep buying and all will be good. I think technical indicators help assess market but nothing is perfect. In fact, the more I study it the more I realize there are too many factors that play in. Sentiment mixed with seasonality and indicators is huge and a help, but even that is not full proof. Also, the algorithms, quick instant trading, 2 ad 3times leveraged ETFs and margin calls all play in too. then we lowly government employees and other pension plan/401k plans with limited dinosaur age type trading makes it so these guys are stealing candy from the babies. Totally sick! But IMHO that s due to lack of regulation and capitalism. We need better guns!!!!
    Last edited by DreamboatAnnie; 02-09-2018 at 10:33 AM.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  17. #2037

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by Scout333 View Post
    DA, while looking for information about how the new tax law might affect the conversion I saw an article which indicated that there was a tax law change in 2009 which seemed to require a proration of the gain if the property was used for anything other than residential i.e. rental. For example, if it was rental for three out of the past five years 60% of the gain could be taxable? The depreciation recapture also seemed to apply to the taxable gain portion. Didn't see anything in the new law which would change this provision. You are exactly right this is a very complicated section of the tax law especially the like kind exchange rules! Suggest a good tax expert who is familiar with this section of the law. Good luck to us all!
    Quote Originally Posted by DreamboatAnnie View Post
    Gosh...had not heard of that change. I definitely need to read a few pubs on this. That change would make it so you must stay in house for five years before selling. Or do like kind exchange, rent out that second property but it would need to be house you plan to retire in or live in for minimum of five years. Sell current primary home after second home has rented for two years and take exclusion on primary, and then move into the second rental to convert it to primary. Ugghhh....so convoluted!!! would definitely need to read up on sale of like kind exchanged property too.
    Got a little more info on this topic. Very good article. So you must prorate and pay tax on part of gain on sale of home converted from rental to primary residence and 25% on recapture depreciation. however, if the property started off as a principal residence, the rules limit the proration...which is good for me as one rental started as a primary residence. Very complicated.

    But whoooo is me because recapture tax on depreciation does not go away, or at least not that I can see. So looks like this one will need to be like kind exchange (probably rent it for short tine while I sell primary) and then convert new like kind rental to primary and live there forever and pass it on via inheritance. Now need to confirm if conversion to primary (no sale) triggers tax bill.

    Info on 2009 change
    https://www.nolo.com/legal-encyclope...residence.html

    Like kind exchange... Love the last sentence.
    How to Sell Rental Property and Not Pay Capital Gains | Home Guides | SF Gate

    Oh yes plus pay 3.8% Obama healthcare tax in some cases...need to see if that's still in place for sale of home
    What Will Happen to My Taxes If I Sell a Rental House? | Home Guides | SF Gate
    Last edited by DreamboatAnnie; 02-10-2018 at 04:52 PM.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  19. #2038

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by sgtbriangreen View Post
    Here is another tough question since I own a rental property too. What if your LLC owns the property. The LLC sells that property to do a like kind swap. The LLC buys a new property and YOU are the new renter? I have done 0 research on this, but I plan on building in 10-12 years.
    This would not be an "arms length "transaction, so I'm not sure IRS would recognize new like kind exchange property as rental if they learned of it.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  21. #2039

    Default Re: DreamboatAnnie's Account Talk

    Quote Originally Posted by sgtbriangreen View Post
    Here is another tough question since I own a rental property too. What if your LLC owns the property. The LLC sells that property to do a like kind swap. The LLC buys a new property and YOU are the new renter? I have done 0 research on this, but I plan on building in 10-12 years.
    Hello SBG, adding on......So depreciation and other expenses would likely be disallowed by IRS.

    I'm a bit confused about the described transaction. Your LLC owns a rental home now, and in 10 years it will exchange that property for a new home you personally build in 10 years. So you personally would own the old LLC's rental, and the LLC would own the house you newly built and then you would rent the new home from the LLC?? If that is how it would work, it looks illegal because not arms length and would result in your LLC writing off all repairs, insurance, property taxes, and depreciation and all other expenses while avoiding limitations caused by having to personally itemize and only getting to deduct expense amounts exceeding the standard deduction on only taxes and insurance. I'm thinking I would reconsider follow trough on that plan.


    Add on for my last post: You just move into (like kind) rental to convert it to primary residence. Looks like no tax consequence until you sell it.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  23. #2040

    Join Date
    Jan 2016
    Location
    Kings Mountain, NC
    Posts
    107

    Default Re: DreamboatAnnie's Account Talk

    Gotcha. It was just a thought in my head. I had done 0 research on the practicality.

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