nycchic24 Posted February 20 Report Share Posted February 20 dont know if anyone here can help me, but i will give it a shot.... i own a condo in mass and have been renting it out for the past year and now i am going to sell. i need some suggestioins on where and what to invest the money since i am not ready to buy again and w/o getting taxed up the ass!! (its goign to be between $20 - $30K) anyone??? Quote Link to comment Share on other sites More sharing options...
robocock Posted February 20 Report Share Posted February 20 $20K condo.. man thats cheap.. btw how do you ask a bunch of teenage crackheads about real estate?? you crack me up.. Quote Link to comment Share on other sites More sharing options...
phuturephunk Posted February 20 Report Share Posted February 20 Originally posted by robocock $20K condo.. man thats cheap.. btw how do you ask a bunch of teenage crackheads about real estate?? you crack me up.. . . . . she could mean 20 to 30 k of sauce over the principle . .. in that case, that's a tidy sum of money to throw into an investment . . . I would suggest rolling it into stock . . you'll get taxed, but if you have time to watch it , you'll make money . . . Or you could do the safe route and invest in bonds or something like that . . . Quote Link to comment Share on other sites More sharing options...
bbbooom Posted February 20 Report Share Posted February 20 heres a thought, keep that condo and i will move in and we can live in harmony:D Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted February 20 Author Report Share Posted February 20 Originally posted by phuturephunk . . . . she could mean 20 to 30 k of sauce over the principle . .. in that case, that's a tidy sum of money to throw into an investment . . . I would suggest rolling it into stock . . you'll get taxed, but if you have time to watch it , you'll make money . . . Or you could do the safe route and invest in bonds or something like that . . . robocock --- thats comedy selling a condo for $20K? no i plan on selling it for about 6 times that amount. and hey i figured that there may be some finance peeps out there phuturefunk thanks! one of my friends told me thought that if i invest in the market i wont get taxed though?..? is that true. he figured i would wan tto go the safe route and invest in mutual funds. what i owuld like to do is later on use this money towards another purchase later on down the road. and he siaid that a good accountant woudl be able to bury the $$ when i liquidate so i wont be penalized with taxes that myuch. your take? Quote Link to comment Share on other sites More sharing options...
maxx330 Posted February 20 Report Share Posted February 20 Originally posted by nycchic24 dont know if anyone here can help me, but i will give it a shot.... i own a condo in mass and have been renting it out for the past year and now i am going to sell. i need some suggestioins on where and what to invest the money since i am not ready to buy again and w/o getting taxed up the ass!! (its goign to be between $20 - $30K) anyone??? if you want to make more money on your investment, what you do is buy another property that cost more then what you have right now. By doing this you can defer your taxes, meaning you wont pay taxes on the sale of your current condo because your buying something more expensive. If your in no rush to sell it i suggest you continue investing in the manner i explained. You can continue to defer taxes as long as the next property you buy is worth more then what you currently own. I think its called a 1067 tax deferment or something like that. Get yourself a CPA & they will take care of you on taxes. Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted February 20 Author Report Share Posted February 20 Originally posted by maxx330 if you want to make more money on your investment, what you do is buy another property that cost more then what you have right now. By doing this you can defer your taxes, meaning you wont pay taxes on the sale of your current condo because your buying something more expensive. If your in no rush to sell it i suggest you continue investing in the manner i explained. You can continue to defer taxes as long as the next property you buy is worth more then what you currently own. I think its called a 1067 tax deferment or something like that. Get yourself a CPA & they will take care of you on taxes. thank you but i am not quite sure if i want to buy in new york. i knew if i rolled the money into a new real estate purchase the moneys wouldnt be taxed. the condo is in boston and i have not lived there for about a year. i have been renting it out and i;d rather just sell it than haveing to worry about managing that since i live in nyc now. Quote Link to comment Share on other sites More sharing options...
bustaknut2001 Posted February 20 Report Share Posted February 20 This is too funny. You mean to tell me that you're asking this on a public message board used by people who admit their drug use? Ask your parents or go to First Fidelity and find out through a financial advisor. Quote Link to comment Share on other sites More sharing options...
vampienyc10 Posted February 20 Report Share Posted February 20 Originally posted by maxx330 if you want to make more money on your investment, what you do is buy another property that cost more then what you have right now. By doing this you can defer your taxes, meaning you wont pay taxes on the sale of your current condo because your buying something more expensive. I agree with you totally! Being an agent, that's probably the best thing you can do right now.. Def look into rental property...the turn around is great! Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted February 20 Author Report Share Posted February 20 Originally posted by bustaknut2001 This is too funny. You mean to tell me that you're asking this on a public message board used by people who admit their drug use? Ask your parents or go to First Fidelity and find out through a financial advisor. why not. so i can go to an overpriced lawyer or FC who will charge me $200 an hour for the same advice (as i am probably getting here today for free!) and who is a closet coke head? yeah i know its kinda strange, but hey? Quote Link to comment Share on other sites More sharing options...
o-jay® Posted February 20 Report Share Posted February 20 What you guys are talking about is called a like-kind property exchange under Section 1031 of the Internal Revenue Code. Yes, you won't get taxed if you do such an exchange, but here's the hitch, there are a few major rules to follow. The way the tax code is written, you've got 45 days from the time you sell a piece of property to identify what you're going to buy in exchange, and 180 days -- or the due date of your tax return with extensions, whichever is shorter -- to make the exchange. Also, you can't actually receive any cash from the sale. Any cash you received will be taxed. I suggest you deal with a qualified CPA to help you maneuver through the rules. As far as safe investments, money markets are the safest, but you won't get a high return 4-5% if you're lucky.-Juice Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted February 20 Author Report Share Posted February 20 Originally posted by o-jay® What you guys are talking about is called a like-kind property exchange under Section 1031 of the Internal Revenue Code. Yes, you won't get taxed if you do such an exchange, but here's the hitch, there are a few major rules to follow. The way the tax code is written, you've got 45 days from the time you sell a piece of property to identify what you're going to buy in exchange, and 180 days -- or the due date of your tax return with extensions, whichever is shorter -- to make the exchange. Also, you can't actually receive any cash from the sale. Any cash you received will be taxed. I suggest you deal with a qualified CPA to help you maneuver through the rules. As far as safe investments, money markets are the safest, but you won't get a high return 4-5% if you're lucky.-Juice thank you thank you thank you! this is exactly what i was looking for. Quote Link to comment Share on other sites More sharing options...
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