TGIF:討論討論ＥＸＩＴ ＳＴＲＡＴＥＧＹ

討論討論ＥＸＩＴ　ＳＴＲＡＴＥＧＹ

 

ＴＧＩＦ？　其實我倒喜歡坐在這個辦公室裏，做完了該做的事，讀點什麽，寫點什麽，做做賬。。。

 

今天放了一個工人出去刷油漆，沒別的啥事，提個題目供大家討論。

 

假如你積累了一把不動產，到了一定年紀要考慮按一定計劃退出，而這個計劃需要若幹年去施行。這裏麵要考慮的因素有:　１。　投資風險和市場漲落的ＴＩＭＩＮＧ;　２。稅務;　３。遺產轉移。

 

我不久以前提過一句，就是做地產比較做經營型的生意（比如開酒店）在逐步退出的方麵有更多的靈活性，因為你可以把ＳＦＨ或ＡＰＴ一個一個的賣出，或者一個一個的交給別人經營。

 

我現在舉兩個例子，看大家有何高見:

 

１。ＡＳＳＥＴ大約２Ｍ，１５　ＳＦＨ, $150k each，　ＲＯＩ　ＣＡＳＨ　１５０Ｋ，市場漲落+／-１０％／２０％，　平均ＡＰＰＲＥＣＩＡＴＩＯＮ　３％。

 

如果每年賣一個ＦＩＦＯ，average appreciation 40% plus recaptured depreciation 60%, need to pay tax on 150k-(150k*14/27.5)=75k capital gain, plus 140k rental income. Each year with one house less, so the rental income gets less but capital gain more(since there is less depreciation to deduct). 最後一年是: capital gain + recaptured depreciation 150k, no rental income.

So over the 15 year period, the tax burden increases linearly but the realized income decreased linearly (from 150k rental plus 150k for 1 house sold 1st year, to 150k 1 house sold only, no rental income last year).

Obviously, this is not a very good solution. Then, what is a better one that would allow roughly more even income and taxes (it may not be possible to achieve abosulutely even distribution, but what is the best one can achieve?)

2. Same asset amount and cash return, 2.25m, 50 rental unit. Now this is even more troublesome, because you can not sell one apartment at time....