Selling Rental Property? Look Out For This Tax скачать в хорошем качестве

Selling Rental Property? Look Out For This Tax

• Summary In this video, Eric discusses the implications of depreciation on rental properties, particularly when selling them in retirement. He explains how to calculate accumulated depreciation, tax bases, and capital gains tax, including the complexities of depreciation recapture. Additionally, he outlines various strategies to minimize tax liabilities, such as 1031 exchanges and converting properties to primary residences. The conversation also touches on the importance of diversification in retirement planning and the need for professional guidance in navigating tax complexities. Takeaways • Depreciation reduces the taxable gain on property sales. • Understanding tax bases is crucial for calculating gains. • Depreciation recapture is taxed at a higher rate of 25%. • Capital gains tax rates depend on income and filing status. • 1031 exchanges allow for tax deferral on property sales. • Converting rental properties to primary residences can reduce taxes. • Selling in a low income year can lower tax rates. • Capital losses can offset gains from property sales. • Donating property can help avoid depreciation recapture. • Diversification is key for a relaxed retirement. ---------------------------------------------------------------------------------------------------------------------- Want to learn how you can better protect and grow your wealth? ➡️ https://wealthbllc.com 🔔 Don't forget to subscribe here to be notified for my latest videos ▶️/ @eerod10 Learn more about Eric and WealthBuilders at https://wealthbllc.com 📱Connect with me on my socials here: https://linktr.ee/ERODCFP ------------------------------------------------------------------------------------------------------------------------ Disclosure: WealthBuilders, LLC is a registered investment adviser registered with the State of California. Registration does not imply a certain level of skill or training. The views and opinions expressed in this video are as of the release date and are subject to change. The content is for informational or educational purposes only, and is not intended as individualized investment advice, or as tax, accounting, or legal advice. You are encouraged to consult with professional financial, accounting, tax, or legal advisers to address their specific needs and circumstances.