2024-01-12, 12:34 PM
Speaking of rental, it's on first page, post #7 https://vietbestforum.com/thread-22888-p...#pid397783
Of course, it gives you more headache and stress. Because of my basic background, it's pretty easy to get anything from google as long as you know the keyword. For example: when you manage rental property, what are you looking for? The keyword: depreciation (it will tell you why you want to sell after 5-6 years), etc. What benefit of depreciation. Rental home repair. Adv. and Disadv of getting pay by check and cash. Then you would know how to take care the tax return by yourself to maximize the return. Let say you get 100K depreciation where they deduce 20k/yr that would take 5 years. So it's best you sell the rental or stop renting because you no longer get much deduction. By this time, you would get slap with big tax.
A few options to sell rental property: You can find these on google. Start learning how to search then you will find all the answers
1. If you bought for 100K, 5 years later 300k. If you sell, you would end up to pay 60K tax on 200k gain
2. Convert to primary home and live there for 3 yrs (2yrs by law), then sell as primary so no tax pay if gain under 250k for single.
3. If you put as vacation/secondary home, you still pay tax as #1
4. The only way to run away from tax is as primary home. Just use your name on elec. and gas bills for 2 years and save it for tax return.
5. If you bought for 100k, 5 years later 110K, then forget all the steps above to save headache because tax on 10k gain is not that much.
Of course, it gives you more headache and stress. Because of my basic background, it's pretty easy to get anything from google as long as you know the keyword. For example: when you manage rental property, what are you looking for? The keyword: depreciation (it will tell you why you want to sell after 5-6 years), etc. What benefit of depreciation. Rental home repair. Adv. and Disadv of getting pay by check and cash. Then you would know how to take care the tax return by yourself to maximize the return. Let say you get 100K depreciation where they deduce 20k/yr that would take 5 years. So it's best you sell the rental or stop renting because you no longer get much deduction. By this time, you would get slap with big tax.
A few options to sell rental property: You can find these on google. Start learning how to search then you will find all the answers
1. If you bought for 100K, 5 years later 300k. If you sell, you would end up to pay 60K tax on 200k gain
2. Convert to primary home and live there for 3 yrs (2yrs by law), then sell as primary so no tax pay if gain under 250k for single.
3. If you put as vacation/secondary home, you still pay tax as #1
4. The only way to run away from tax is as primary home. Just use your name on elec. and gas bills for 2 years and save it for tax return.
5. If you bought for 100k, 5 years later 110K, then forget all the steps above to save headache because tax on 10k gain is not that much.
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