horsesandbulls

Why did you get out and what has changed from when you got out til now?

I could’ve dreamed this but I thought Joel mchale wrote about it in his book, Thanks for the Money.

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Am I missing something?

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Definitely tax avoidance. Possible tax fraud.

You will need to know how much total depreciation should have been taken while the property was in rental use.

Start with old tax returns but you’ll also need to calculate depreciation that wasn’t taken but should have been.

Residential property has a useful life of 27.5 years.

There are a ton of depreciation recapture estimators online to give you an idea but if you’ve had the same tax software used for those tax returns, it could calculate this for you without you doing a whole lot of digging.

Might be something to do with key players opting out to avoid injury for the draft.

No taxes paid as long as you don’t withdraw before 59.5 or RMDs with a roth

At 500k in w2 wages the rental losses will likely be limited and stacked for the future when they move back to lower tax brackets.

Not bad advice but, again, make sure you talk to a cpa before doing this so they can explain what it will look like.

Talk to a cpa.

When you say you are “getting killed with taxes” what exactly does that mean? Do you pay a lot in April every year?

Or are you just concerned with future taxes due to being a high earner?

Are you maxing your 401k contributions?

Glass cannon giantslayer adventure path is Amazing. Much easier to get into than a 4.5 hour critical role episode

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LucasP

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Oh I member