Official Gramps' Memorial Eternal OT Thread

#84,304
#84,304
Vol423 said:
Any opinions on Mission BBQ? I just saw that they're opening one in Phoenix. I looked it up and saw they have locations in Nashville, Murfreesboro and Chattanooga.
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I know it well. Started in Maryland. Can’t speak to the expansion to other states, but it was well above average for BBQ in Maryland.

Good wet brisket, smoked wings, and sausages. Pulled pork was never bad but about average. Usually disappointed in the ribs.
 
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#84,306
#84,306
DC_Vol said:
I know it well. Started in Maryland. Can’t speak to the expansion to other states, but it was well above average for BBQ in Maryland.

Good wet brisket, smoked wings, and sausages. Pulled pork was never bad but about average. Usually disappointed in the ribs.
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Its fine if you run into it on your travels. Doesnt hold a candle to places here in Memphis but it aint bad....
 
#84,308
#84,308
@BigOrangeMojo

Tax implications of this scenario.

I buy property for 100k. I put no additional money in it. It appreciates and I sell it for 300k. I 1031 for another property for 350k. I put no additional money in. It appreciatea over the years and I sell it for 550k.
I 1031 again for a 600k property. So far I have 80k (400k x 20%) of cap gains deferred.
I rent the 600k property for a few a few years and it becomes dilapidated. I sell it for 100k.

I have a 500k loss. What's my tax liability?
 
#84,309
#84,309
**Would expect to see depreciation here which could significantly impact numbers**

Property 1 basis 100K. You have 200K deferred gain.

Property 2 basis: 150K (350K -300K plus property 1 basis of 100K). You have another 200K deferred gain for total of 400K.

Property 3 basis 200K (600 -550K plus Property 2 basis of 150K)

Sale for $100K. Should have 100K loss. (100 proceeds minus 200 basis)
 
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#84,315
#84,315
BigOrangeMojo said:
**Would expect to see depreciation here which could significantly impact numbers**

Property 1 basis 100K. You have 200K deferred gain.

Property 2 basis: 150K (350K -300K plus property 1 basis of 100K). You have another 200K deferred gain for total of 400K.

Property 3 basis 200K (600 -550K plus Property 2 basis of 150K)

Sale for $100K. Should have 100K loss. (100 proceeds minus 200 basis)
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Would the deferred cap gains be eliminated or offset by the 100k loss?

And what if instead of letting the property become run down, the property appreciates to 750k and I donate it all to a legit charity?
 
#84,316
#84,316
McDad said:
Would the deferred cap gains be eliminated or offset by the 100k loss?

And what if instead of letting the property become run down, the property appreciates to 750k and I donate it all to a legit charity?
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The VFH Institute for Children Who Dont Read Good and Stuff is a fine organization. Just an FYI.
 
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#84,317
#84,317
McDad said:
Would the deferred cap gains be eliminated or offset by the 100k loss?

And what if instead of letting the property become run down, the property appreciates to 750k and I donate it all to a legit charity?
Click to expand...

When you sold property 3, you'd have a capital loss of 100K to report on taxes. Depreciation expense reduces basis so chances are your loss would be much less than that. If you had claimed 120K in depreciation expenses over the years, you'd have a 20K gain...

You'd have 750K deduction. Some holding period rules, utilization, and appraisal rles apply.
 
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