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<p>[QUOTE="ldhair, post: 4821840, member: 11540"]The tax codes for rental income are really kind. You can depreciate the property over the years and that comes off of the rental income and you don't pay taxes on that income. The tax codes let you do that for a max of 27.5 years. </p><p><br /></p><p>After that you loose that deduction and your cost basis on the property is only the land value. If you sell it at that point, you pay taxes on anything you receive above the land value you used to set the property up on depreciation. </p><p><br /></p><p>If you keep the property you have to pay taxes on all income, like most any other type of investment. It's a really cool deal as long as you understand how the laws work.</p><p><br /></p><p>When you pass and the property goes to family, they get a stepped up cost bases to market value and can start the depreciation process all over again. It's all about planing and legally using the laws.[/QUOTE]</p><p><br /></p>
[QUOTE="ldhair, post: 4821840, member: 11540"]The tax codes for rental income are really kind. You can depreciate the property over the years and that comes off of the rental income and you don't pay taxes on that income. The tax codes let you do that for a max of 27.5 years. After that you loose that deduction and your cost basis on the property is only the land value. If you sell it at that point, you pay taxes on anything you receive above the land value you used to set the property up on depreciation. If you keep the property you have to pay taxes on all income, like most any other type of investment. It's a really cool deal as long as you understand how the laws work. When you pass and the property goes to family, they get a stepped up cost bases to market value and can start the depreciation process all over again. It's all about planing and legally using the laws.[/QUOTE]
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