You don't even have to be good anymore.
Inflation is rolling over
- Thread starter Klaus
- Start date
You are 10000% correct
Yes, but a 1031 has to be a investment property like a rental.
If it’s for an investment property, you’re just deferring the taxes.
Never done it on a personal residence.
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No need for a personal residence, as long as you have occupied it for 2 out of the last 5 years under the regs:
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.
And a 1031 exchange is only used for investment property, so not available for personal residence.
Right. I did it twice. Sold 2 properties in CA and bought 4 in CO. You either continue investing in this manner, or sell and get raped on taxes.
Yep, you keep 1031ing the property until you die, then your heirs get a step up in basis and sell it tax free. You can borrow money against the property after you 1031 exchange it if you need cash out of them.
One of my buddy's owns an electrical company, he used to get around 100 applicants per month, of those 100, he would hire 10, 7 were worthless, 2 were good and 1 was great. For like 2 decades this was how it was.
This shit show hit and he has to hire every single person, because he is averaging 10 applicants per month. He increased starting pay by $5 per hour and it changed nothing.
They are all junk.
This is one of many reasons a real apprenticeship is important.
I am a GC, so I see this every day. My electrician is having to hire journeymen at $40 per hour + benefits, and I have to watch over them because they really are not competent enough to be left alone. I've had the talk with him about that keep going higher (I think he is charging me $140 an hours per man) and now I'm doing his job of keeping an eye on his people. He tells me that at $40 hour he doesn't even get a few applications.
My heirs!? **** that. I’m going out like those two old dudes that blasted their hellcat off the end of a runway.
Except if I play my cards right, it’ll be a private jet full of hookers and fairy dust.
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I’m an EC and our journeyman’s pay fully burdened is $82.xx/hr. It’s pretty crazy.
Side note; You have subs working T&M?
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Old friend of mine is a master machinist and is the primary foreman at the tool & die company in Michigan. He's been struggling for years to find workers who can show up to work on time and actually perform their job.
U.M.
U.M.
It's just transitory rolling inflation.
-Janet Yellen
-Janet Yellen
Not usually, but sometimes we get into repair work that can't be quoted and we do that by T&M. The job I just got roped into, the owner was trying to put solar on his 2 barns, come to find out the barns were never permitted. Our original scope was to feed the existing house and put in a new 400 amp service. When we called for inspection on the service, the inspector informed us that building issued solar permits for barns that don't exist. Now we are getting those permitted and their is a ton of electrical not done right and we are not 100% sure what the inspector is going to let slide or make us fix. There is no way to quote that and the owner signed off on do what it takes to fix it because he already has $100k in solar panels sitting on site.
Just recently I had another electrician quote something just compare a sky high quote, and he came in about 30% lower. At that time I asked my electrician what I'm being charged for labor rates. He told me $125 per hour, but I'm sure it is higher than that.
Has a small insurance claim recently, just some water damaged insulation in a crawl space, maybe a 10x10 ft area. 2 dudes in a truck show up at 11am and are done and gone by 3pm. Insurance shows me the bill and it's $4k...lol! $1000/hr, not too shabby!
I can answer this one for you. I don't want to be crawling under houses and up ladders with squares of roofing when I'm 65 years old. I went to college, got my CPA and charge $400/hr from the comfort of my home. I work about 15-20 hours per week because my income mainly comes from rental properties.
I think you're confused about the trades.
Most Union workers retire in their 50s with a VERY VERY Healthy pension, massive company matched 401k, several rental properties and ZERO college debt. The ones working beyond that are doing it because the jobs are good, the health care is phenomenal and they're making 200-250k a year and see no need to quit when they've got it great and enjoy what they do.
I don't know any Union Electricians crawling under houses. Then again, I work in the power industry. Not in residential Construction.
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