U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-04-2016, 01:55 PM
 
72,206 posts, read 72,150,380 times
Reputation: 49704

Advertisements

you will owe the depreciation even if it was never taken .
Reply With Quote Quick reply to this message

 
Old 01-04-2016, 02:07 PM
 
33,046 posts, read 22,149,341 times
Reputation: 8970
Because real estate and unearned income are very, um, special in this country.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 02:14 PM
 
72,206 posts, read 72,150,380 times
Reputation: 49704
because the smart folks work for their money until they can eventually let their money work for them and no longer hsve to work for their money
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 02:21 PM
 
33,046 posts, read 22,149,341 times
Reputation: 8970
Quote:
Originally Posted by mathjak107 View Post
because the smart folks work for their money until they can eventually let their money work for them and no longer hsve to work for their money

In the process, they bid up asset prices, putting said assets out of reach of the peons, so it's all very self-reinforcing, just as government joins in the reinforcement by guaranteeing an ample supply of captive rent slaves who have to rent from SOMEBODY.

I like to mention that at one point, I worked two jobs so that my landlord could work zero jobs.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 02:31 PM
 
72,206 posts, read 72,150,380 times
Reputation: 49704
so who's the dummy ? i am sure glad my tenants go to work every day so i can be retired in style . that is my reward for having a plan , taking a big risk and seeing it through .

the idea in life is to work smarter not harder .

it is like in my son's law firm the real successful attorneys are the ones earning hundreds of thousands of dollars to 7 figures a year and are in the office once a week eventually . they have all those under them learning , mentoring and doing the work so eventually they rise to the top .

the bigger your check and the less anyone needs to see you the more successful you are .

Last edited by mathjak107; 01-04-2016 at 02:41 PM..
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 03:25 PM
 
Location: Gilbert, AZ
3,213 posts, read 1,980,841 times
Reputation: 3364
Quote:
Originally Posted by NewbieHere View Post
Run Turbotax or Taxcaster. Yes you get taxed 85% but that doesn't mean you can't be in 15% tax bracket. I had thought similar things until I ran my numbers. It depends on lots of things.
Good suggestion. I've used Taxcaster to estimate taxes, both for immediate needs and also for estimating taxes during retirement.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 05:53 PM
 
Location: SoCal
13,462 posts, read 6,433,987 times
Reputation: 10033
Quote:
Originally Posted by artillery77 View Post
That's a great point Chavak. I've been depreciating mine already, but my wife has never depreciated hers. I assumed I would never sell, and my wages would be lower in retirement so I'd rather pay tax then. Looks like she's the smart one again.

Time for some tax planning to look at trusts I guess.
No, she is not the smart one. Even if you don't depreciate, it's considered depreciated. I don't know if it's too late to recapture the depreciation. Check with an accountant.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 05:55 PM
 
Location: SoCal
13,462 posts, read 6,433,987 times
Reputation: 10033
Quote:
Originally Posted by freemkt View Post
In the process, they bid up asset prices, putting said assets out of reach of the peons, so it's all very self-reinforcing, just as government joins in the reinforcement by guaranteeing an ample supply of captive rent slaves who have to rent from SOMEBODY.

I like to mention that at one point, I worked two jobs so that my landlord could work zero jobs.
Is this a great country or what?
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 08:53 PM
 
Location: Pac. NW
2,023 posts, read 1,532,945 times
Reputation: 3601
Quote:
Originally Posted by freemkt View Post
In the process, they bid up asset prices, putting said assets out of reach of the peons, so it's all very self-reinforcing, just as government joins in the reinforcement by guaranteeing an ample supply of captive rent slaves who have to rent from SOMEBODY.

I like to mention that at one point, I worked two jobs so that my landlord could work zero jobs.
I'm a landlord and FWIW, I rented when I was getting started. I ate Top Ramen and Spam, and drove beater cars so I'd have money to put to work and have it easier later in life.
Reply With Quote Quick reply to this message
 
Old 01-04-2016, 11:28 PM
 
Location: Wasilla, AK
7,349 posts, read 4,210,180 times
Reputation: 16076
Quote:
Originally Posted by artillery77 View Post
That's a great point Chavak. I've been depreciating mine already, but my wife has never depreciated hers. I assumed I would never sell, and my wages would be lower in retirement so I'd rather pay tax then. Looks like she's the smart one again.

Time for some tax planning to look at trusts I guess.

If you're talking about depreciation of your rental property then you're the smart one. Taking depreciation is not optional. If you each own a rental house for 30 years you're both going to have the same basis, which is zero, regardless of whether or not you took depreciation. The difference is that you will have gotten the tax benefit of depreciation over the years. I suggest you both see a CPA who specializes in tax preparation now and make sure you're getting the full tax benefits of your rental properties. You can go back and file amended returns for the past three years, but any depreciation not taken before that is lost.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top