At 400K 20% is lower than regular income taxes. I disclose EVERYTHING to the buyer. They buy as is.
You’re selling newly constructed houses by quitclaim deed?
That’s what wealthy and corporates want you to believe. It’s totally beetle dung. Just like too big too fail excuses we keep hearing.
No, I often live in them at least a little while. Sometimes a year, sometimes a few months. Not quit claim, warranty. Well, i guess some are quit claim.
I’m old with a long memory. I know what has happened many times when taxes went up or down.
A quitclaim deed is a deed with no warranties - “as is”.
If you live in the house before you sell it, you don’t pay any capital gains tax on the first $500,000 of profit.
You have to stay for 3 years.
Fair enough. Still, you should talk to a CPA, or a lawyer.
I have, both. In Ohio, if you sell a house & do not disclose a problem or possible problem, you can be sued, corporation or individual. I never sell or buy property without a lawyer, real estate agent, or CPA, plus carry title insurance & do a title search.
Of course. That’s true everywhere.
But if you’re sued as an individual, they can take your personal assets. If you’re a Corp or an LLC, they can only take your corporate assets.
I’ve known real estate companies to create a separate LLC for each building they own.
It’s not all that hard to pierce the corporate veil here in my opinion, plus if I was sued I’d probably just buy it back or make it right anyhow, for my reputation.
I have never been sued, I’m sure it can happen, but I think full disclosure keeps that from happening. Also most lenders here require a home inspection.
Then you don’t like money
I have to say i think you are trying to help me & I do appreciate it. Thank you.
1 Like
I don’t love money. There’s things I won’t do. There’s thing’s I will be hard headed about too on just the idea of something I disagree with.
If I feel I’m taxed too much i will quit or slow down so as not to be giving them what they want from me. Or, find a deduction, equipment, etc.
I have moved more than once when property taxes went up.
I resent them getting greedy & arrogant they think they know better how to spend MY money than I do. They seem to have the mistaken idea it’s their money & they somehow earned it. But I never saw a politician come out to my projects & pound any nails.
What’s wrong with paying taxes?
That’s counter productive. “I don’t want 57k more in my pocket because of taxes” sounds silly.
Don’t care.
Nothing. I have a problem with too much taxes.
Here’s what will happen. If a certain salary level is going to be taxed at a rate of 60% or more (after all taxes are applied; Federal, State, etc.), employers and employees will negotiate other forms of compensation: stock options, company car, more vacation time, business trips with families, etc. NOBODY is going to be stupid enough to negotiate a salary level in which the majority of that salary is going to taxes.
2 Likes
Your take home salary keeps going up the higher total salary you negotiate. I’ve never met a single person dumb enough at my company to refuse a raise because it puts him in a higher tax bracket. Everyone at my company seems to understand what marginal means.
