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re: Biden wants to kill 1031 Exchanges (read this. it's important)
Posted on 7/21/20 at 6:58 pm to stickly
Posted on 7/21/20 at 6:58 pm to stickly
quote:
1031s cannot be used for personal residences.
It absolutely can and does happen. A smaller developer or landlord will rehab a property, rent it out for a while, and then later sell it to move on to the next one. I think it may be 2+ years but it is done.
This post was edited on 7/21/20 at 6:59 pm
1
Posted on 7/21/20 at 6:59 pm to BeepNode
I never said it did. It’s taken you 5 pages, but you’re starting to catch up. By page 10 you might understand what can be depreciated and what cannot.
Posted on 7/21/20 at 6:59 pm to Magician2
quote:
How would this plan work for people that own mineral right and land rights?
I know many people who choose to sell their mineral rights and opt for the 1031 exchange to buy a condo or othe property to avoid the tax.
Mineral/royalties are the most complex, dumb-arse arrangement ever (I'm deep in it too). My guess is that you would have a couple of years before they taxed and spent the money from the 1031 tax scam and took on minerals. But I could be wrong... They could just say mineral rights are nullified. Would not surprise me at all. They would just say some *it's of the land* bullshite and it would be over.
This post was edited on 7/21/20 at 7:00 pm
Posted on 7/21/20 at 7:01 pm to stickly
Biden’s handlers will enact a transfer plan targeting whitey’s wealth
Posted on 7/21/20 at 7:01 pm to BeepNode
quote:
quote:
1031s cannot be used for personal residences.
It absolutely can and does happen.
It is such a small and insignificant part of 1031s it almost doesn't even exist.
Posted on 7/21/20 at 7:03 pm to teke184
quote:
Taxing unrealized gains is fricking stupid.
Funny story if you aren't invested in indices or ETPs almost 99% of stocks go to $0 in the long term. So it is quite hilarious using Jeff Bezos equity valuable in Amazon as his net worth. It's a virtually meaningless number and doesn't represent his liquidation value in Amazon.
Posted on 7/21/20 at 7:06 pm to stickly
Outstanding info, OP. 
Posted on 7/21/20 at 7:06 pm to Magician2
quote:
Isn't cap gains set at either 15 or 20% right now?
50-400k total household income 15%
400k> total household income 20%
I'm no cpa or title 26 guru, but that's what I thought.
I thought long-term were 10, 15, or 20. That's why I was asking about the 25, bc I definitely could be missing something.
Posted on 7/21/20 at 7:08 pm to wutangfinancial
quote:
Funny story if you aren't invested in indices or ETPs almost 99% of stocks go to $0 in the long term. So it is quite hilarious using Jeff Bezos equity valuable in Amazon as his net worth. It's a virtually meaningless number and doesn't represent his liquidation value in Amazon
I think that this really where the dichotomy exists. A capitalist perspective says 'my gains or losses will be realized when I cash out' whereas a progressive want to tax you while you're still playing the game.
Posted on 7/21/20 at 7:10 pm to TSLG
quote:
New Orleans Saints Fan
Member since Mar 2014
4313 posts
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re: Biden wants to kill 1031 Exchanges (read this. it's important)Posted on 7/21/20 at 7:06 pm to Magician2
quote:
Isn't cap gains set at either 15 or 20% right now?
50-400k total household income 15%
400k> total household income 20%
I'm no cpa or title 26 guru, but that's what I thought.
Yea. I kind of bumped it back to Obama levels. I just assume that is where it will be, not where it is. Trump made life good. Biden will most assuredly take us back ASAP.
Posted on 7/21/20 at 7:13 pm to stickly
No they just want to tax it when it's at peak value. But the problem is you can just change how your company is capitalized, which they're all doing, and equity value becomes irrelevant.
Posted on 7/21/20 at 7:14 pm to gsvar2004
quote:
Everyday that passes comes another reason to be scared shitless of a Biden presidency
No doubt. I am rapidly losing my faith in mankind. I turned 60 2 weeks ago and never remotely dreamed I'd see the insanity of today in my lifetime.
People on left are just miserable fricking assholes determined to make everyone equally miserable. Its really that simple.
Get laid, go fishing, go to the beach. Nope, we're going to root for BLM and loot the Amazon store. Unreal!
Posted on 7/21/20 at 7:16 pm to stickly
I'm fine with getting rid of 1031 exchange. It's a shitty procedure. BUT it should be replaced with something to at least offset it. Of course it won't. So F Biden's handlers.
Eta:
Anyone want to explain your double anonymous downvote?
To clarify, I'm very much pro-1031 under the current oppressive tax code. But I'm pro- complete overhaul to simplify the code.
The 1031 process is way too much of a PITA, and is fraught w some peril for your average unsophisticated investor (or other owner).
Eta:
Anyone want to explain your double anonymous downvote?
To clarify, I'm very much pro-1031 under the current oppressive tax code. But I'm pro- complete overhaul to simplify the code.
The 1031 process is way too much of a PITA, and is fraught w some peril for your average unsophisticated investor (or other owner).
This post was edited on 7/21/20 at 7:38 pm
Posted on 7/21/20 at 7:16 pm to TbirdSpur2010
quote:
Outstanding info, OP.
Thanks TBird!I hate having to make coherent threads but this is existentially important. They want to kill a small guy to create the precedent to kill everyone.
Posted on 7/21/20 at 7:17 pm to stickly
quote:
It is such a small and insignificant part of 1031s it almost doesn't even exist.
If by "small and insignificant" you mean 5% of all home sales and 20% to 50% of all multifamily residential property sales?
Posted on 7/21/20 at 7:21 pm to BeepNode
quote:
If by "small and insignificant" you mean 5% of all home sales and 20% to 50% of all multifamily residential property sales?
The 1031 is universally seen a useful tool. It may be used by homeowners but it is not particularly important in terms of residential real estate. I would bet that less than 5% of the value in 1031's is shoehorned into personal-residential. It is by and large independent investors invested in commercial and/or multi-family properties.
This post was edited on 7/21/20 at 7:30 pm
Posted on 7/21/20 at 7:25 pm to BeepNode
quote:
50% of all multifamily residential property sales?
And by the way, that is kind of exactly my point. Multifamily rentals is a *sweet spot* for a 1031. That doesn't mean that the owner/landlord actually lives there.
Posted on 7/21/20 at 7:31 pm to Mud_Till_May
quote:
ud_Till_May What they should do is tax stock owners. That’s the real money. They charge you property tax, why not a stock ownership tax?
That’s a great way to get people to quit investing in businesses if that’s what you want
Posted on 7/21/20 at 7:35 pm to stickly
Top current capital gains rate is actually 23.8% when you add in the 3.8% net investment income tax (i.e. the Obamacare tax.
Also on the oil & gas side, Biden's plan eliminates percentage depletion deduction and the deduction for exploration expenses.
So he would be killing both the real estate industry and the oil & gas industry (domestic only).
Also on the oil & gas side, Biden's plan eliminates percentage depletion deduction and the deduction for exploration expenses.
So he would be killing both the real estate industry and the oil & gas industry (domestic only).
Posted on 7/21/20 at 7:36 pm to jchamil
quote:
That’s a great way to get people to quit investing in businesses if that’s what you want
He's got the progressive idea in his head. Some people are just gone.
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