Honestly, some tactics can be downright disgusting when it comes to so-called “tax shelters” (withholding our approval), and others are so smart that we award such experts the veritable title of successful tax giant, like these smart real estate agents with their write-offs. It’s those worthy masters of tax goodness capable of dispelling the old negative […]
Considering the fact that the marriage failed in a home with bad memories often contributes to the decision for both soon-to-be ex-spouses…
Home Sale Prices Vs. Appraised Value: Why That Matters to You
So the home sales prices in #realestate for #GrandRapidsMI are going up. Obviously. But what about appraised property values? Are they going up, too? Perhaps, but they certainly won't be catching up with the skyrocketing prices, and that's a major turn-off for home flippers.
GR has been seeing multiple offers on listings these days — major competition for the everyday home flipper when you think about it. After all, if the sales price ends up being way more than the actual appraised value, there's not much chance of that home flipper increasing the value that much more to sell for a profitable price, minus the time and investment.
So here's some advice — don't flip houses in GR. This is one real estate economy going to the home buyers and sellers of a community. No home FLIPPERS here.
Not that house flipping is necessarily a bad thing; after all, it’s a natural lucrative phenomenon in the real estate industry all over. Check out Midvale, Utah, for starters, with the real estate funding and cash loans to flip a home and make some profit while stimulating the market.
How a Dynasty Trust Can Save on Your Son's #Taxes Later On
Building wealth: that's what business is all about, and all of that effort will transfer over to a new CEO, a relative, our dog, and, yes, even our children. Enter: the dynasty trust, something that the #CBB values quite well in terms of continuing to make the wealth last long beyond your life.
What is a dynasty trust? It's an irrevocable trust, creating that generational wealth and allowing your descendants to benefit from these tax exemptions: estate, gifting, and generation skipping. And it lasts for the ENTIRE LIFE of the trust itself.
The trust can be funded in two different ways — while you're actually alive and kicking, or dead and long gone. Either way, in terms of business finances — if you have stocks, bonds, and even life insurance, or maybe you own some real estate — these are all items that can go into a dynasty trust and literally sit there, growing exponentially to the point that they have no cap. We're talking millions here.
Of course, your assets would be subject to income and capital gains tax unless you live in Texas, Nevada, or Florida — say HELLO to tax savings in that case!
That's where a dynasty trust could make a way for a pretty nice tax shelter — not just for you, but for those carrying on your legacy. Of course, you'd do well to consult with an attorney and sign up with Cloud Based Bookkeeping for more information. Get those taxes figured out and see if it's worth it (it's definitely worth it if you're in one of those three states).
And, of course, check out this link for even more tax shelters to maximize your refund.
You’re probably wondering what tax shelters are and why they’re so important. Read this and find out how your tax refund could blow up huge!
What kind of business tax write-offs are we talking about? Plenty. It’s staggering just what you can deduct from your taxes and get some money back for your investment, and make no mistake — in the real estate business, even as our domestic market continues to grow with the surging home prices, foreign interest in U.S. real estate, the burgeoning mortgage trends, and millennials everywhere taking the industry by storm as the newest home buyer of the the rest of this decade, you want to stay ahead in the game with your business investments and keep the revenue flowing. One Surefire Way to Do ThatRead More →
The post Maximizing Business Taxes as a Real Estate Professional appeared first on Cloud Based Bookkeeping.
We raise the question, because home selling has a specific benefit many enjoy: the tax benefits. That’s what we mean when we say we can maximize taxes by taking advantage of the exemptions. Deductions, deductions, deductions. You get all the profit when you sell. But Only When the Property Is Your Actual Home…
Kudos to you for thinking of getting into real estate investing, particularly crowdfunding strategy and other sources of revenue pertaining to the market. Because with how real estate technology has been advancing, it’s no wonder that more and more professionals are jumping on the bandwagon, bolstering and buttressing the entire…
This is especially the case if you’ve already invested in so much with the home that you want to make sure you maximize your top dollar in the event that you’re selling. The timing has to be right, or you walk out of your home with actually less money than what you invested.…
When you think about it, it’s glamorous to sell a house. But home building? Realtors, agents, property managers, gurus. They roll in the dough! Real estate investment certainly sits at a luxurious high for many (as long as you know what and what not to do), and flipping houses comes…
It’s this day, this 911DAY, a day we’ll #neverforget, and we’ll always remember why we do what we do and who we do it for. We do it for all of you. The American Dream. Let’s always remember the sorrow of yesterday, and also celebrate our strength for today —…