Originally Posted by tryan
Add a 5% realtors commision and 1-2% tax stamps and it's easy to see why many just keep them for the rents.
Also it you get caught in the federal ALT MIN tax, 15% can shoot up. I paid closer to 18% the year I got hit.
tryan - told it will be about 6% selling expense (5% commis)...it is easier to just let it ride, but we had a very hard time getting insurance this last renewal, plus I admit I think an earthquake disaster is inevitable-will deflate the market values-and want to get some of the assets there liquid while the market is high...forgot about that AMT... haven't had it yet..this year's income is similar to last year..will this push me into AMT
Originally Posted by Martha
We have had the same problem with AMT when selling rental properties.
Also, don't forget the 25% federal tax on the amount you previously depreciated.
...and the depreciation...and the extra time on the CPA's bill....ahhh!
...still I have nothing to complain about...I have little problems compared to the people down on the gulf and unclemick..
Thanks tryan and Martha