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Author Topic: Most folks appreciate capital gains but it could also be a problem for some  (Read 5648 times)

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Offline theking

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I bought my home for $30,000, and now it’s worth almost $3 million. How can I avoid a massive tax bill?

Capital gains aren’t the only factor to consider in anticipating the tax burden of an inherited home.


I own a house in Palo Alto, Calif., that I bought for less than $30,000 and is now worth almost $3 million. There are two things I would like help with:

How to retain my current tax rate under Proposition 13.
How to keep the step-up basis to avoid massive capital-gains taxes.
I am 80 years old and have three children. Will establishing an LLC or revocable living trust help? I still wish to retain the power to do as I wish with the property in case of need. It has a $400,000 mortgage, and it currently has a tenant with a one-year lease. Thank you for helping me do what I need, since December is the deadline for transferring deeds to relatives if I wish to retain the original tax basis.




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Offline Cali Guy

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And there is a certain individual that keep saying real estate isn’t investment.  ;D ;D



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Offline hmgROCK

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LMAO...


this sound to me THEAFTERLIFE here in ph
just making up shyt
he say he own a big ass house with a swimmingp pool
than he say he actualy live with his brother



he got bought a $30,000 house and it has a $400,000 mortgage

 ;D ;D ;D




I own a house in Palo Alto, Calif., that I bought for less than $30,000 and is now worth almost $3 million. There are two things I would like help with:

How to retain my current tax rate under Proposition 13.
How to keep the step-up basis to avoid massive capital-gains taxes.
I am 80 years old and have three children. Will establishing an LLC or revocable living trust help? I still wish to retain the power to do as I wish with the property in case of need., and It has a $400,000 mortgage it currently has a tenant with a one-year lease. Thank you for helping me do what I need, since December is the deadline for transferring deeds to relatives if I wish to retain the original tax basis.



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Offline hmgROCK

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it's the local PH TROLL
100% of stuff he post is made up and COPY N PASTE spam
attention seeking clickbait


took me 10 second to find this picture all over the internet
i just type in "old man in front of a house"

 ;D ;D ;D


https://www.gettyimages.com/photos/old-man-in-front-of-house



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Offline hmgROCK

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here you go
another picture of your $3 million man




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Offline DuMa

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it's the local PH TROLL
100% of stuff he post is made up and COPY N PASTE spam
attention seeking clickbait


took me 10 second to find this picture all over the internet
i just type in "old man in front of a house"

 ;D ;D ;D


https://www.gettyimages.com/photos/old-man-in-front-of-house


dayam fool  The article says "I" don't mean that it is him talking about himself.  He is just sharing an article.   

No wonder you sound low intelligence at most times.  How the hell can people carry on a conversation with you?  Theking, where you at?  This chit is funny as hell.  You caught him being hmong stupid again.   :2funny:

https://www.marketwatch.com/story/i-bought-my-home-for-30-000-but-now-its-worth-almost-3-million-how-can-i-avoid-a-massive-tax-bill-11638309329



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Offline hmgROCK

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dayam fool  The article says "I" don't mean that it is him talking about himself.  He is just sharing an article.   

No wonder you sound low intelligence at most times.  How the hell can people carry on a conversation with you?  Theking, where you at?  This chit is funny as hell.  You caught him being hmong stupid again.   :2funny:

https://www.marketwatch.com/story/i-bought-my-home-for-30-000-but-now-its-worth-almost-3-million-how-can-i-avoid-a-massive-tax-bill-11638309329


I bought a $30,000 house
I have a $400,000 mortgage

 ;D ;D

go reread... i don't want to spam you with ANTI COMMIE PROPAGANDA



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Offline DuMa

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I bought a $30,000 house
I have a $400,000 mortgage

 ;D ;D

go reread... i don't want to spam you with ANTI COMMIE PROPAGANDA

that is what the article said and he is quoting from the article.  IT doesn't mean he bought a 30k home and have a 400k mortgage. 

YOu think he was talking about himself just because you see that big "I" there?   :2funny:



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Offline hmgROCK

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duma...


i know you don't own a house
and live with your mom
but when you buy a house for $30,000
it's $30,000





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Offline hmgROCK

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that is what the article said and he is quoting from the article.  IT doesn't mean he bought a 30k home and have a 400k mortgage. 

YOu think he was talking about himself just because you see that big "I" there?   :2funny:

click on your link and go REREAD



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Offline DuMa

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duma...


i know you don't own a house
and live with your mom
but when you buy a house for $30,000
it's $30,000


I know you don't own your house, your mom and fake nurse dose.   :2funny:

but it's ok.  You don't know how to read to comprehend either.    "I" is not theking talking about himself.   O0



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Offline hmgROCK

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I know you don't own your house, your mom and fake nurse dose.   :2funny:

but it's ok.  You don't know how to read to comprehend either.    "I" is not theking talking about himself.   O0

i wasn't saying it was him
its theking... he a PH troll clickbait copy n paste spam troll
clickbait news article


just click on your own link and reread it



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Offline hmgROCK

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just ask us legit homeowner
trust me
you ain't going find  a p=pebhmong and a slump pump
in the internet

 ;D ;D




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Offline DuMa

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i wasn't saying it was him
its theking... he a PH troll clickbait copy n paste spam troll
clickbait news article


just click on your own link and reread it

he got bought a $30,000 house and it has a $400,000 mortgage


well who's "he"?? 

You claiming that someone on ph bought a house for 30k and has a 400k mortgage

Your reading and writing comprehension are bad as well.  No wonder theking and others be roasting  your azz.  Me too but I'm not gonna go there  :2funny:



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Offline hmgROCK

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he got bought a $30,000 house and it has a $400,000 mortgage


well who's "he"?? 

You claiming that someone on ph bought a house for 30k and has a 400k mortgage

Your reading and writing comprehension are bad as well.  No wonder theking and others be roasting  your azz.  Me too but I'm not gonna go there  :2funny:

i was referring to the COPY N PASTE clickbait article


I bought a $30,000 house
and it has a $400,000 mortgage

that shyt makes zero sense
cuz $30,000 is it
don't matter if the house value goes up



just ask me bro...
i legit own a house
i don't go around changing lightswitch and empty room for nothing








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