Message from @S0NS0FLIBERTY USA
Discord ID: 509721039954247723
Ok
again, i cant imagine how that should matter if im selling for a wash
but w/e\
What percentage is the partner in for
50%
```Rule 3: Greater or Equal Value
In order to completely avoid paying any taxes upon the sale of your property, the IRS requires the net market value and equity of the property purchased must be the same as, or greater than the property sold. Otherwise, you will not be able to defer 100% of the tax.
For example, let’s say you have a property worth $2,000,000, and a mortgage of $500,000. To receive the full benefit of the 1031, the new property (or properties) you purchase need to have a net worth of at least 2 million dollars, and you’ll have to carry over at least a $500,000 mortgage. It’s important to note that the $2,000,000+ value, and $500,000 mortgage, can go towards one apartment building or three different properties with a total value of $2,000,000+. (FYI: Acquisition costs, such as inspections and broker fees also apply toward the total cost of the new property.)```
Do you have any brokers i the family
You can also defer for "Contruction improvements"
Is the partner only in the S corp
when it was the development company (when it was active) XXX builders were the contractors, so it was meant to separate the raw property, which we were partners in the develpment of, from what the contracting side made, because the partner was not part of the building process, aside from excavation, which we handled through the builders llc
what you;re saying is not different, in principle, from any intrabusiness expense
you make a profit, you either call it profit, or spend it on something for the business and call it expense or an asset for depreciation....
that's why if you're running a shell holding company, or even if you arent, for that matter, when you sell a house at a gain, if you roll it into another like asset, you're just expensing the profts, or, in effect, placing them ina company asset for depreciation, which is the same thing
you still only pay taxes on things that make a gain, and cant gain by losing.
nor by breaking even
Take the equity loan out for the S corp to buy the home, 1031 exchange it from LLC to S Corp, Use equity loan to "pay construction company" for XYZ services. Excess cash is tax free income
the 1031 exchange is your muscle
It was created during the bubble and for w/e reason hasnt been modified since
ron, I wish you were making sense, i really do
see ron
I tried to tell you
he is a retard
I would start with the 1031 exchange as your out
youre a fucking faggot dude
i do this shit for a lliving
then look at equity loan to wash it
cool
so do dr's
that have no clue
what they are doing
eadc
idk probably trolling strangers over some nonsense
or not
eiter way fuck off
kindly
there's no equity
maybe 20k i could pull out, over cost (owed)
on my personal home, i owe 130, could probably draw 50 on that (meaning bamk assessment of something like 210k)
the remodeled house im selling im into for 225, listed for 270, would take 250, bank would probably value at 235- 240 (for 2200 sq ft colonial, like new condition, high efficiency everything).