Quote:
Originally Posted by timun
So you get someone else to pay a mortgage for you, the interest upon which you get to use as a tax deductible, and all the other associated costs you also get to use as tax deductibles, and then years down the line when you sell it and realize a capital gain of more than $250,000 you're going to get taxed on two thirds of the gain more than $250,000, a gain you probably did nothing intrinsically to realize, and... this is making you jack up your tenant's rent because...?
"I could have continued being a nice guy, but now that the government is going to hypothetically tax my as-of-yet entirely unrealized capital gain at some indeterminate point in future I just have to be an ###hole
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I have capital tied up, and right now after mortgage, insurance, and taxes the place is costing me money out of pocket. Plus maintenance and upkeep is not free...that new roof I had to put on sure wasn't.
So yeah, I either sell it off or I need to generate more from it because I can now expect to lose a portion of my expected gain.
So yeah eff you I'll do what I please. I've done a lot more than nothing to try and own a second property.