Quote:
Originally Posted by hulkrogan
First Lady, you have no idea how rental properties work apparently.
The ONLY way you can pull it of to hide from taxes you should be paying is if you're living in there yourself.
Otherwise you go and sell a property that isn't your permanent address and you're going to have to pay capital gains. Guess what happens when you file for capital gains on a property you've owned for 10 years and never filed any taxes for? Audit time. Oh, and suggesting someone just wouldn't file for capital gains is also silly. They find out pretty easily about that.
The biggest thing you're overlooking is one of the very few benefits of a rental property can be the fact they are a tax write off because you are almost always bleeding cash on the stupid effing things. If somehow you are actually cash flow positive its not going to be much. Not nearly enough to justify the risk of not paying tax on it.
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Exactly.
FL, go ahead and interpret my post however you want.
