TOAK The thread of all knowledge VII
#3971
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She offered that advice. She needs to look at exactly what I will be paying first. Worst case is 15% Fed, 10% State and bumping me into the next tax bracket on income taxes and another 10% to the selling agent. At a guestimate of value of 350k it will be a lot of taxes. What I dont get is I sell it and pay the Feds and State then they get me again on income. Thats taxing the sale twice isnt it?
Utilizing a 1031 tax deferred exchange you are simply delaying the payment of taxes until a later time.
#3972
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Couldd it be that it is being taxed twice but for different reasons...a sales/property tax, then an income tax. Or am I looking at it more complicated than it really is? Because the tax code is not complicated, am I right?
#3973
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The state of California does charge for what are called tax stamps, Marcus. Haven't sold CA property in a long time but it was 1.10 per thousand of sale price. Not exorbitant but a tax nonetheless.
#3974
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All the answers, right here in the TOAK, boys and girls.
http://www.californiacityfinance.com...sfTaxRates.pdf
http://www.californiacityfinance.com...sfTaxRates.pdf
#3975
Join Date: Jan 2011
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https://www.fourmilab.ch/uscode/26usc/
#3976
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May as well go all in on this subject
https://www.irs.gov/taxtopics/tc705.html
https://www.irs.gov/uac/like-kind-ex...e-section-1031
https://www.irs.gov/taxtopics/tc705.html
https://www.irs.gov/uac/like-kind-ex...e-section-1031
#3977
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Um ... I think it's more than a couple of pages. How intertwined could it be? :>(
https://www.fourmilab.ch/uscode/26usc/
https://www.fourmilab.ch/uscode/26usc/
#3978
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Buahahahaha......SCORE!!! .....ebay.......Harley CVO Touring 4" Screamin Eagle Slip On Mufflers 1 3/4" New Take offs...$139.....
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#3979
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#3980
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Shoulda just raped and pillaged them and took the pipes as plunder