tax question on first deal.....$180,000 AH YA! - Posted by steve

Real Estate Investing Real Estate Law
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Posted by JOHN K HASLACH, CPA MST on May 25, 2004 at 08:01:12:

  1. Part will be taxed at 15%. The tax rate could go as high as 33% plus state taxes.
  2. No.
  3. Work with to a competent professional who has experience dealing with issues like these.
  4. Work with a competent professional who has experience dealing with issues like these.
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tax question on first deal…$180,000 AH YA! - Posted by steve

Posted by steve on May 25, 2004 at 24:59:53:

well i got a great deal. my first one and i stand to make a huge profit.
quetion is about taxes.
here are some numbers
bought at 229,000 pretty boring (i cheated and put 5% down and bought it owner occupied)
however goes on the market wedsday for 409,000 (closed to own yesterday)

my profit is about 180,000 dollars

now for the questions.

  1. is this going to be taxed at my current income level?
    which is like 15%
  2. can i refinance before i sell and not pay taxes on the loan proceeds then sell?
  3. should i deed to a company then 1031 to a bigger place? (even though i need the money right now?)
  4. how the hell do i get out of paying taxes on 180,000 dollars? or at least not hav]ing to pay half?