Comments on: There Are Still a Few Days to Do Tax Planning http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 23:08:33 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: DianeP http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-234067 DianeP Wed, 26 Dec 2007 15:11:57 +0000 http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-234067 Millennium Trust Company (http://www.mtrustcompany.com/services/ira/real.asp) located in Oak Brook, IL, custodies real estate in self directed IRAs or Solo 401(k)s. They can educate you on the process. Try contacting Sandra Reese at sreese@mtrustcompany.com for more info. Millennium Trust Company (http://www.mtrustcompany.com/services/ira/real.asp) located in Oak Brook, IL, custodies real estate in self directed IRAs or Solo 401(k)s. They can educate you on the process. Try contacting Sandra Reese at sreese@mtrustcompany.com for more info.

]]> By: Eileen http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232971 Eileen Mon, 24 Dec 2007 16:55:33 +0000 http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232971 The only statistics we have on FSBO's is that they received 78% of what listed homes sell for. So, Ashley will not be able, therefore to offset her ordinary income gains with her capital losses, which I believe she thought she could. The only statistics we have on FSBO’s is that they received 78% of what listed homes sell for.
So, Ashley will not be able, therefore to offset her ordinary income gains with her capital losses, which I believe she thought she could.

]]> By: Kary L. Krismer http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232718 Kary L. Krismer Mon, 24 Dec 2007 05:11:17 +0000 http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232718 You can generally offset capital losses against capital gains, but any capital loss in excess of 3,000 over the capital gains needs to be carried forward. Good question on saving 6%. It's also possible though that if they sold FSBO they sold for over FMV (no agent to protect the buyer). You can generally offset capital losses against capital gains, but any capital loss in excess of 3,000 over the capital gains needs to be carried forward.

Good question on saving 6%. It’s also possible though that if they sold FSBO they sold for over FMV (no agent to protect the buyer).

]]> By: Eileen http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232544 Eileen Sun, 23 Dec 2007 21:53:18 +0000 http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232544 Did your CPA say that you could write off your capital gains losses against your ordinary income. Might want to check. Of course, if your investment was ordinary loss, then you were either in the business of developing real estate or you held under a year. 2 other points. Just because you saved the 6%, how much less did you take in selling price to save that 6%. It would be interesting to know. There's no question it's difficult to sell now. I wouldn't want to try selling any stocks either. I wish I was as positive as you about absolutely knowing the future. Did your CPA say that you could write off your capital gains losses against your ordinary income. Might want to check. Of course, if your investment was ordinary loss, then you were either in the business of developing real estate or you held under a year.

2 other points. Just because you saved the 6%, how much less did you take in selling price to save that 6%. It would be interesting to know. There’s no question it’s difficult to sell now. I wouldn’t want to try selling any stocks either. I wish I was as positive as you about absolutely knowing the future.

]]> By: Ashley Nichols http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232480 Ashley Nichols Sun, 23 Dec 2007 18:54:12 +0000 http://raincityguide.com/2007/12/22/there-are-still-a-few-days-to-do-tax-planning/#comment-232480 Good news, bad news. We just did some great tax planning - closing on an investment property sale with a $45k loss on December 21st. It should eliminate our entire income tax liability for the year. We managed to even sell without a real estate agent, so saved a significant amount on the closing costs (6%). Bad news - we lost half our equity. At least we are protected from further declines! Good news, bad news. We just did some great tax planning – closing on an investment property sale with a $45k loss on December 21st. It should eliminate our entire income tax liability for the year. We managed to even sell without a real estate agent, so saved a significant amount on the closing costs (6%).

Bad news – we lost half our equity. At least we are protected from further declines!

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