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Good topic. We will discuss this some on Tuesday night but here are some things I recently read in my monthly Kiplinger Tax Report
Capital gains taxes will go from 20% + 3.8% obamacare tax (23.8% total) to 15%. This will encourage investors to sell some of their properties. Not everyone wants to do a 1031 exchange. It would be nice to just cash out but not when you have to give up about 25% of your profit to the government.
Hopefully Obamacare will be replaced with something much more affordable – this will save everyone in the USA money!
Top corporate tax rate is currently at 35%. Trump wants it lowered to 15% GOPers are hoping for 20% which is still better than 35%. This rate will apply to self employed, income for S corps, partnerships, and LLC which are pass through to their owners. This means more money in your pocket!
Hopefully the jobs jobs jobs will come back so the economy gets going again. This will boost confidence in potential home buyers. Currently home sales are at a 14 year low because people are so worried about their future.
For me, living in a foreign country, I’m excited to hear that there is discussion of imposing a territorial taxing system instead of the current worldwide tax system. As a US citizen living in a foreign country full time, I am still taxed on my income in Panama – even though I have not been in the USA for many years.
I’m sorry I missed the Tuesday night call – I’m reviewing it today and I agree that this would be really great to have again Mid Year to see how things change and what tips these guys have at that point once the first 100 days are over and we have some way to track how things are going and which ones we can leverage or not.
Also It might be good to list any questions or items of concern that anyone may have that on this topic so that we can present those questions to this group of people during the next call.
Jackie – I didn’t have the opportunity to join this call but I have a few suggestions to help make this call a little more interactive if you are interested – let me know.
Respectfully,
Question – It seems like David Tilney is doing the property management directly. My perspective was that it was much more cost effective to hire a property management company to do the rental process for a small percentage of the ROI.
Thoughts?
I heard a lot on buy and hold and landlord positions but being a new investor I’m more interested with getting started and the one item I did hear on the call was the highest bidder sale. I’ll need to look more into this to see what I can do or rather how I can do that type of deal.
Question – I know of a tax in NJ called an exit tax and I’m interested to know if anyone has done deals in NJ and how if at all this exit tax may play a roll in the purchase and sale of a property in NJ?
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