After hours tax question.....

[NashvilleBound]

anyone????????

[thatguy]

As a 1099 employee, is it better to get reimbursed for expenses or take it as a deduction?
Tommy

[NashvilleBound]

nicccccce......... :D :D :rolleyes:
I want to ask a CPA a question.... your cutting in line slim........

[Lightning]

try me...

[NashvilleBound]

try me...
Short version...
Bought a commercial property on Oct 19th last year... $650k
Have offer to buy it right now and close in two weeks, cash buyer at $900k. It will be 1 month short of my 1 year mark.
I will be only be rolling part of it into another property I already own.(rental, paying it off) the rest will be to buy wife a new car.....timing is everything:)
Should I ask to close after Oct 19th? It really might break the deal..........

[Lightning]

Short version...
Bought a commercial property on Oct 19th last year... $650k
Have offer to buy it right now and close in two weeks, cash buyer at $900k. It will be 1 month short of my 1 year mark.
I will be only be rolling part of it into another property I already own.(rental, paying it off) the rest will be to buy wife a new car.....timing is everything:)
Should I ask to close after Oct 19th? It really might break the deal..........
Short term cap gains are taxed at your ordinary income tax rates. Closing after your one year date is to your benefit tax wise, as the gain will be treated as long term. A few thoughts.....
Why not let him occupy prior to the close of escrow?
Is it imperative that he close ASAP?
Maybe his loan lock will expire prior to Oct 19th and he can't get the loan rate that he has? If that's so, it may be worth it to you to pay to have his loan lock extended vs. paying the additonal tax on the gain if he closes prior to Oct 19th.