Quote:
Originally Posted by djmdawson
Hmm. Appreciate the info but must admit, not much help saying "pay your taxes" and suck it up cause you have 15 years left on earth anyways. Not really answering anything and not clearly from someone with experience, so I will put this "rarified" non-advice where it belongs, in the toilet.
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I think that's a wise decision.
The majority of the advice in this thread is shockingly naive, incomplete, erroneous and just plain dumb.
'You'll have to pay taxes when you sell, if you make a profit"? Wow, shocking news.
"You'll pay high taxes when you sell real estate"? Yeah, about 65% lower taxes than other income.
"Give it to charity"? Not much different than giving it to the IRS, it's still gone.
I won't even get started on some of the nonsense regarding heirs. (Under almost all circumstance, your heirs will inherit at "current market value", regardless of how much you've depreciated the property.)
Don't be tempted to pull the advice in this thread, out of where you put it ... let it stay there.