2024-02-01, 02:37 PM
(2024-01-30, 09:02 PM)BrokeAssMillionaire Wrote: Seem like she didn't know much. As you know, most Viet people don't want to pay CPA unless they have business![]()
It's only shock them after they sell the house then fill the income tax return. Let say she gains 50k after selling the long term rental home, She probably pays 8K tax of 15% which it's not that much to be hassle. But 300k gain is big.
My agent even rejected a higher bids so the final bidding day, she told bank that I was the highest one :) while I offered lower.
1031 exchange is the one on case 1 that I mean trading new rental.
Foreign or other good advice for investing nowadays : NO ..lol.... no more investing, need to hurry spending and how to take out 401K to lower the tax. 20k/year would lower the tax bracket at 13% which will take 100 years to withdraw all... lol.. Do you think I can live that long?
I surmise that she would like to hear only what she wishes for. Some Asian business owners even try to get a CPA certificate as they do not trust people to handle their accounting or know private information.
Shall we "skinder" a bit? Let's say a single rental property's net sale is around $800k, with particular distributions to the invisible hefty interests, costs of previously repaired, and real estate capital gain taxes. She finally would accumulate an estimated $350k/each for more than a decade of investment. Worth it, eh?
Look how lucky you were! It would be best to invite her for a special dinner, wouldn't you?
I am not sure if she qualifies for the 1031 Exchange or not.
I lack experience with 401(k) cashing out and need your steer after you've done your withdrawal.
I have second thoughts about maximizing the lower tax bracket by contributing to the health savings accounts and the 529 (education expenses) plans besides 401(k). What would your opinions be?
Don't worry! Your prosperous life will be longer than you expected!
![[Image: 6.jpg]](https://i.ibb.co/Rbb2kgL/6.jpg)
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