Re: What's the best purchase you've ever made and why ?

bob wald wrote:
> dirt..ummmm taxes  would eat all your profits over 20yrs...lol
> pretty good story though...lol
> 

Thats what Rule 1031 Exchanges are for Bob. When your cost basis is low 
you attempt to not trigger a taxable event. (until death) There are 
other tricks like 'stepping up' where you 1031 into 'investment RE' like 
self-storage or commercial where you buy the property using the 1031 
exchange then borrow against it during your life span, and live off the 
cash flow... and not trigger a taxable event until your death.. or 
further if your have a clever tax plan..and your estate set up in a 
trust.   The key to wealth building is avoiding taxable events and 
keeping the entire mass of wealth working to produce cash flow.  IMO A 
good Tax Attorney is part magician and mine is a member of the Magic 
Castle.  It is about structuring the deal for the long haul..