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Old 04-02-2008, 08:02 PM
 
Location: Forests of Maine
30,682 posts, read 49,443,611 times
Reputation: 19134

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Quote:
Originally Posted by txmom View Post
In Canada, my mom had to wait two months from the onset of her initial symptoms to get the cat scan that showed she had a malignant brain tumor. The radiology techs were on strike.

I have a friend in Canada whose father was diagnosed with prostate cancer, but was put on a looooong waiting list for treatment because his was a "low-priority cancer".

If you are in immediate danger of dying (like in the next few minutes), you go to the top of the list for treatment. That's socialized medicine...bare bones. It works just fine as long as you're healthy.
Bless you, I tell people and they just don't believe me.
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Old 04-02-2008, 08:15 PM
 
402 posts, read 937,498 times
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Quote:
Originally Posted by forest beekeeper View Post
To 'convert' rental property only requires 181 days.

I have done so a few times.

Also there is a 1995 law that a conversion will wipe away for you.

Also you can refinance a rental, use the money for purchasing a retirement home and then sell the property at a loss, and Ooops not pay taxes.
What do you mean by convert? I understand that tax loss or not paying taxes doesn't mean it benifit you in the long run. can you elaborate?
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Old 04-02-2008, 08:23 PM
 
26,589 posts, read 52,286,267 times
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Another option with Rental Property is a tax deferred 1031 Exchange.

I've used it several times to exchange a single family home into apartment buildings or even better for me... commercial property.

With a properly executed 1031 Exchange, all of the profit or gain is not taxable at the time of the exchange and is deferred. I know some that have deferred taxes indefinitely... leaving the property to their estate with no taxes due because of the estate tax exemption rules.

As an aside... the benefits of commercial property are many... especially with well executed triple net leases.

Commercial Rentals are not subject to the same Consumer Protection Laws as Residential Rentals.

Many I know no longer own any residential rentals... only commercial. When the roof leaks on a commercial building with a NNN lease, it's the tenant that has to repair it. The Tenant often has to pay all the property taxes and pay the owner's property insurance premium...
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Old 04-02-2008, 08:55 PM
 
Location: Forests of Maine
30,682 posts, read 49,443,611 times
Reputation: 19134
Quote:
Originally Posted by NYLifes2shrt View Post
What do you mean by convert? I understand that tax loss or not paying taxes doesn't mean it benifit you in the long run. can you elaborate?
A residential rental property is a business, and you use a schedule 'E' to file taxes.

Whereas a house [a single-family dwelling primary residence] is simply a house, and is not a business. It does not depreciate, and is not expected to earn a profit.

To 'convert' a rental property to a house requires that the owner live in that structure as his primary dwelling for 181 days ['greater than six months'].

If you sell a business, and you do not wish to pay taxes on the profit, then you must roll that profit into another 'like business' within plus or minus three years. If that business is a residential rental, than it's profit must go into another residential rental. But if you 'converted' it to a house first. Then different rules apply.

If you had built up a great deal of equity in residential rentals, and you desired to transfer that capital into a farm, which is a completely different type of property. One method might be to convert each residential rental first before you sold them. Then you could use that money to buy the farm.
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Old 04-02-2008, 10:15 PM
 
16,437 posts, read 19,136,151 times
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What do you successfully retired people do about health insurance? My employer insurance ends the moment I retire and it is becoming almost impossible to find a doctor that will accept Medicare. Private health insurance is prohibitively costly at my age (if they would even accept me). How are you managing it?
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Old 04-02-2008, 10:44 PM
 
Location: Forests of Maine
30,682 posts, read 49,443,611 times
Reputation: 19134
Quote:
Originally Posted by Bideshi View Post
What do you successfully retired people do about health insurance? My employer insurance ends the moment I retire and it is becoming almost impossible to find a doctor that will accept Medicare. Private health insurance is prohibitively costly at my age (if they would even accept me). How are you managing it?
I have medical coverage from my employer.

My 'pension' is a retainer fee, if they ever truly needed my services again, I would be obligated to return to work. Since I was forced into retirement due to old age, I seriously doubt that I will ever be recalled. But in either case, they still provide my medical coverage group policy.

I pay an enrollment fee, and co-pays.
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Old 04-02-2008, 10:53 PM
 
26,589 posts, read 52,286,267 times
Reputation: 20413
Quote:
Originally Posted by Bideshi View Post
What do you successfully retired people do about health insurance? My employer insurance ends the moment I retire and it is becoming almost impossible to find a doctor that will accept Medicare. Private health insurance is prohibitively costly at my age (if they would even accept me). How are you managing it?
What about COBRA? I know several that opted for early retirement and made sure they were still covered till Medicare kicked in by paying for continuing coverage through COBRA.
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Old 04-02-2008, 11:11 PM
 
16,437 posts, read 19,136,151 times
Reputation: 9518
Quote:
Originally Posted by Ultrarunner View Post
What about COBRA?
They can charge whatever they want for COBRA. It isn't necessarily only twice what I pay now. I won't know until I resign and request it. As it is, even with my employers contribution, I'm paying $500 a month for the insurance. Also, COBRA won't cover my wife. I'm almost to Medicare age and don't plan to retire until then, but most doctors are refusing new Medicare patients so it's like being un-insured. I am finding that most people who are doing OK in retirement have some assistance for health insurance through their former employer or the government (VA for example and Civil Service). Ordinary working folks have a dilema.
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Old 04-03-2008, 12:44 AM
 
Location: WA
5,395 posts, read 21,393,457 times
Reputation: 5893
Quote:
Originally Posted by Bideshi View Post
They can charge whatever they want for COBRA.
...
It is my understanding that COBRA is priced (by law) as the employee premium plus the the employer premium plus 10% to cover administrative overhead. It is limited to 18 months of coverage.
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Old 04-03-2008, 01:45 AM
 
16,437 posts, read 19,136,151 times
Reputation: 9518
Thanks for the tip-I'll check it out!
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