TGIF:讨论讨论ＥＸＩＴ ＳＴＲＡＴＥＧＹ

讨论讨论ＥＸＩＴ　ＳＴＲＡＴＥＧＹ

 

ＴＧＩＦ？　其实我倒喜欢坐在这个办公室里，做完了该做的事，读点什么，写点什么，做做账。。。

 

今天放了一个工人出去刷油漆，没别的啥事，提个题目供大家讨论。

 

假如你积累了一把不动产，到了一定年纪要考虑按一定计划退出，而这个计划需要若干年去施行。这里面要考虑的因素有:　１。　投资风险和市场涨落的ＴＩＭＩＮＧ;　２。税务;　３。遗产转移。

 

我不久以前提过一句，就是做地产比较做经营型的生意（比如开酒店）在逐步退出的方面有更多的灵活性，因为你可以把ＳＦＨ或ＡＰＴ一个一个的卖出，或者一个一个的交给别人经营。

 

我现在举两个例子，看大家有何高见:

 

１。ＡＳＳＥＴ大约２Ｍ，１５　ＳＦＨ, $150k each，　ＲＯＩ　ＣＡＳＨ　１５０Ｋ，市场涨落+／-１０％／２０％，　平均ＡＰＰＲＥＣＩＡＴＩＯＮ　３％。

 

如果每年卖一个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). 最后一年是: 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....