Message from @7alon
Discord ID: 509721193813901332
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
Sing Swan! Your picture really highlights a wise real estate titan. He makes sense.
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
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).
where's the equity?
...if youll pardon my persistence. Not trying to call you out or anything, just, feel like you're missing the tragedy here.
and there is one
really do have to get to work though, enough pitty time... ron, follow up in the DM's if you think there's something im still missing
https://www.foxnews.com/politics/georgias-stacey-abrams-refuses-to-concede-to-republican-brian-kemp-says-her-victory-within-reach.print
Ffs can't she just fucking accept defeat
Just do a full dive into the 1031 exchange and ask your FA about it if you have one. There's alot you can do with your sitch but I gotta get back to my day job for now @jman
