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Well fuck, just realized I get a $175k refund on my taxes for 2014
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Date: August 21st, 2015 6:24 PM Author: Olive mexican TBF, it is because I absolutely lost my shirt on a RE investment that I sold in 2014, but I'm excited because I didn't realize until now I could deduct the loss against ordinary income. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599238) |
Date: August 21st, 2015 6:25 PM Author: Stirring church How the fuck did you not realize that? That should be the first soothing thought after you realize a loss. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599247) |
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Date: August 21st, 2015 6:27 PM Author: Olive mexican I don't know. I really just didn't think you could deduct a loss on sale from a real estate investment against ordinary income.....I'm still having a hard time believing it. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599257) |
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Date: August 21st, 2015 6:31 PM Author: Topaz indirect expression dude, you didn't spend 500 bucks on an accountant to help you sort that shit out? (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599288) |
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Date: August 21st, 2015 6:33 PM Author: Olive mexican I have one. We finally had our call on 2014 taxes yesterday and he informed me of this fact, which is why I now know. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599299) |
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Date: August 21st, 2015 6:34 PM Author: Topaz indirect expression that reminds me, time to file for 2014...thanks. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599303) |
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Date: August 21st, 2015 6:35 PM Author: Olive mexican haven't filed before October 15th in 10 years! (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599309) |
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Date: August 21st, 2015 6:35 PM Author: Topaz indirect expression that's the only way to do it brother. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599314) |
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Date: August 21st, 2015 6:35 PM Author: soul-stirring filthy site cold hard personal story
My accountant told me I owed almost 60K in cap gains and I had an heart attack. Not possible. I digged into it and found that Etrade had changed the way they reported Stock option sales this year and so he was double counting it - from W2 AND 1099. fired him and did my own taxes |
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Date: August 21st, 2015 6:37 PM Author: Topaz indirect expression a lot of them suck. that being said, if you have decent coin but dont have the time, worth it to pony up and extra couple hundred to have a professional do it, then check. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599323) |
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Date: August 21st, 2015 6:26 PM Author: soul-stirring filthy site (humble brag) (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599253) |
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Date: August 21st, 2015 6:31 PM Author: Olive mexican That I lost almost $400k on my first RE investment? (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599283) |
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Date: August 21st, 2015 6:33 PM Author: soul-stirring filthy site how do you lose money in RE in the last 6 years?
ofcourse it is a brag in XO 2015 where ppl ask about hieing to Pattaya or PAYE/PSLF or shitlaw all the time |
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Date: August 21st, 2015 6:34 PM Author: Olive mexican I bought it in 2007, not in a hot area, and was naive and stupid in a couple of ways.
Stuff I've bought since 2011 has been awesome. |
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Date: August 21st, 2015 6:36 PM Author: soul-stirring filthy site what is your RE investment strategy?
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Date: August 21st, 2015 6:39 PM Author: Olive mexican As of late, just Bay Area buildings that have something wrong with them that keeps owner occupiers or flippers away (ie: protected tenant). I don't need the asset for like 15-20 years, so I just buy and hold, with the idea that the problem will fix itself. This has worked really well so far, although it is a long term appreciation strategy.
But I've made some terrible investments outside of the bay area by getting sloppy. |
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Date: August 21st, 2015 6:33 PM Author: Passionate pearl heaven How exactly did you just now realize that you qualify as a real estate professional? (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28599301) |
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Date: August 21st, 2015 6:37 PM Author: Olive mexican I don't. I'm not taking operating losses, I'm taking a capital loss (ie: bought multifamily property for $500k, put $300k in cap ex into it, then sold it for $400k).
My accountant tells me you don't have to qualify as a RE professional to take this loss against ordinary income. |
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Date: October 1st, 2015 12:46 PM Author: Olive mexican Just filed my return. Makes up a little for a horrific real estate investment. Was painful looking back through my records to calculate my loss.... (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28875661) |
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Date: October 1st, 2015 12:49 PM Author: Dashing Brunch Police Squad jesus, this is scary to read. were you trying to flip? I'm just running off rents and you gave me THE FEAR. (http://www.autoadmit.com/thread.php?thread_id=2969507&forum_id=2#28875683) |
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Date: October 1st, 2015 1:06 PM Author: Olive mexican No. Just was my second RE investment. The first went way too well, I got cocky (and sloppy) and bought a property with major cap ex needed (and the city all over me on it from basically day 1) that I didn't anticipate.
Makes me sick thinking about it, although this tax deduction was a nice little benefit.
And now things are fine, the building is someone else's problem, and I've had a lot of really good investments, so I just try to laugh about it. |