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    Types: TextFile
    Names: »REALES.MOD«

└─⟦6ae1c04a5⟧ Bits:30004364 SW1656 IFPS/Personal Version 2.10 release 1.1
    └─ ⟦this⟧ »REALES.MOD« 

TextFile

COLUMNS 1985..1990
ØØ
ØØ  This model calculates the tax benefits of ownership and annual
ØØ  cash flows (before and after tax) for investment real estate.
ØØ  It will also calculate anticipated gain at the time of resale
ØØ  based on appreciation assumptions.  It will calculate all taxes
ØØ  due on resale, including capital gains and ordinary income taxes
ØØ  due to the recapture of excess depreciation.
ØØ
ØØ    INCOME PRODUCED BY PROPERTY FROM RENTS, ETC ...
ØØ
RENTS=RENT RATE * MONTHS LEASED,PREVIOUS * RENTAL INCREASE FACTOR
OTHER INCOME=0
TOTAL INCOME=RENTS + OTHER INCOME
ØØ
RENT RATE=DATA
MONTHS LEASED=DATA
RENTAL INCREASE FACTOR=INFLATION RATE
INFLATION RATE=DATA
ØØ
ØØ    EXPENDITURES ----- OUT OF POCKET
ØØ
MORTGAGE=TOTAL MORTGAGE PAYMENT
REAL ESTATE TAXES=DATA,PREVIOUS * REAL ESTATE TAX INFLATION FACTOR
INSURANCE=DATA,PREVIOUS * INSURANCE INFLATION FACTOR
REPAIRS AND MAINTENANCE=DATA,PREVIOUS * REPAIRS INFLATION FACTOR
MISC EXPENSES=DATA,PREVIOUS * EXPENSE INFLATION FACTOR
PROPERTY MANAGEMENT=MANAGEMENT FACTOR * RENTS
TOTAL EXPENSES=SUM(MORTGAGE THRU PROPERTY MANAGEMENT)
ØØ
AMORT(FIRST MORTGAGE,0,FIRST MORT RATE,FIRST MORT LIFE,1,1; '
   PAYMENT1,INT1,PRINC1,BAL1)
AMORT(SECOND MORTGAGE,0,SECOND MORT RATE,SECOND MORT LIFE,1,1; '
   PAYMENT2,INT2,PRINC2,BAL2)
AMORT(THIRD MORTGAGE,0,THIRD MORT RATE,THIRD MORT LIFE,1,1; '
   PAYMENT3,INT3,PRINC3,BAL3)
TOTAL MORTGAGE PAYMENT=PAYMENT1 + PAYMENT2 + PAYMENT3
TOTAL INTEREST PAYMENT=INT1 + INT2 + INT3
TOTAL PRINCIPAL PAYMENT=PRINC1 + PRINC2 + PRINC3
TOTAL BALANCE=BAL1 + BAL2 + BAL3
FIRST MORTGAGE=DATA 
FIRST MORT RATE=DATA 
FIRST MORT LIFE=DATA
SECOND MORTGAGE=DATA 
SECOND MORT RATE=DATA
SECOND MORT LIFE=DATA
THIRD MORTGAGE=DATA
THIRD MORT RATE=DATA
THIRD MORT LIFE=DATA
REAL ESTATE TAX INFLATION FACTOR=INFLATION RATE
EXPENSE INFLATION FACTOR=1.10
REPAIRS INFLATION FACTOR=1.10
INSURANCE INFLATION FACTOR=INFLATION RATE
MANAGEMENT FACTOR=0
ØØ
ØØ    DEPRECIATION CALCULATIONS USING ACRS
ØØ
ACRS(5,1,PERSONAL PROPERTY VALUE;ANN DEPR1,BKVAL1,CUMDEPR1)
ACRS(1,1,IMPROVEMENTS VALUE;ANN DEPR2,BKVAL2,CUMDEPR2)
ANNUAL DEPRECIATION=ANN DEPR1 + ANN DEPR2
CUMULATIVE DEPRECIATION=CUMDEPR1 + CUMDEPR2
PERSONAL PROPERTY VALUE=0
IMPROVEMENTS VALUE=PURCHASE PRICE - LAND VALUE - PERSONAL PROPERTY VALUE,0
LAND VALUE=DATA 
PURCHASE PRICE=DATA 
DOWN PAYMENT=DATA 
ØØ
ØØ    IRS ALLOWABLE DEDUCTIONS
ØØ
TOTAL ALLOWABLE DEDUCTIONS=ANNUAL DEPRECIATION + REAL ESTATE TAXES + '
           INSURANCE + REPAIRS AND MAINTENANCE + MISC EXPENSES + '
           PROPERTY MANAGEMENT + TOTAL INTEREST PAYMENT
ØØ
ØØ    CASH FLOWS
ØØ
BEFORE TAX CASH FLOW=TOTAL INCOME - TOTAL EXPENSES
TAXABLE INCOME=TOTAL INCOME - TOTAL ALLOWABLE DEDUCTIONS
TAX RATE=DATA
TAX SAVINGS=-1 * (TAXABLE INCOME * TAX RATE)
AFTER TAX CASH FLOW=BEFORE TAX CASH FLOW + TAX SAVINGS
ØØ
ØØ    CALCULATION OF AFTER TAX RETURN
ØØ
TOTAL INVESTMENT=DOWN PAYMENT - MINIMUM(0,BEFORE TAX CASH FLOW),'
                 PREVIOUS - MINIMUM(0,BEFORE TAX CASH FLOW)
ANNUAL AFTER TAX RETURN REAL ESTATE=AFTER TAX CASH FLOW/TOTAL INVESTMENT
ØØ
ØØ OTHER OPTIONS
ANNUAL CASH FROM CD=12% * TOTAL INVESTMENT
ANNUAL CASH FLOW CD AFTER TAX=(1-TAX RATE) * ANNUAL CASH FROM CD
ANNUAL AFTER TAX RETURN ON CD=ANNUAL CASH FLOW CD AFTER TAX/TOTAL INVESTMENT
ØØ
ANNUAL CASH FROM BONDS=8.5% * TOTAL INVESTMENT
ANNUAL AFTER TAX RETURN ON BONDS=ANNUAL CASH FROM BONDS / TOTAL INVESTMENT
ØØ
ØØ    RESALE CONSEQUENCES
ØØ
PROPERTY SALES PRICE=PURCHASE PRICE * PROPERTY INFLATION FACTOR, '
             PREVIOUS * PROPERTY INFLATION FACTOR
PROPERTY INFLATION FACTOR=1.05
COST OF SALE=8% * PROPERTY SALES PRICE
ADJUSTED SALES PRICE=PROPERTY SALES PRICE - COST OF SALE
OWNER EQUITY=DOWN PAYMENT,ADJUSTED SALES PRICE - TOTAL BALANCE
INCREASE IN EQUITY=OWNER EQUITY - TOTAL INVESTMENT
ØØ
ØØ    CAPITAL GAINS
ØØ
ADJUSTED BASIS=BASISÆ1Å - CUMULATIVE DEPRECIATION + LAND VALUEÆ1Å
BASIS=PURCHASE PRICE-LAND VALUE
TAXABLE GAIN=ADJUSTED SALES PRICE-ADJUSTED BASIS
ØØ
ØØ CAPITAL GAINS TAX:
CAPITAL GAINS TAX=CAPITAL GAIN * (TAX RATE * 40%)
CAPITAL GAIN=TAXABLE GAIN - EXCESS DEPR
EXCESS DEPR=CUMULATIVE DEPRECIATION - STRAIGHT CUM DEPR
STLINE DEPR(PURCHASE PRICE - LAND VALUE,0,15; '
    STRAIGHT ANN DEPR,STRAIGHT BKVAL,STRAIGHT CUM DEPR)
ØØ
ØØ ORDINARY GAINS TAX:
ORDINARY GAINS TAX=ORDINARY GAIN * TAX RATE
ORDINARY GAIN=EXCESS DEPR
ØØ
ØØ            SUMMARY OF RESULTS
ØØ
TOTAL TAX ON SALE=CAPITAL GAINS TAX + ORDINARY GAINS TAX
AFTER TAX NET PROCEEDS=OWNER EQUITY - TOTAL TAX ON SALE
AFTER TAX GAIN AT RESALE=AFTER TAX NET PROCEEDS - TOTAL INVESTMENT
RETURN ON TOTAL INVESTMENT AT RESALE=AFTER TAX GAIN AT RESALE/TOTAL INVESTMENT
ØØ
REAL ESTATE=ANNUAL AFTER TAX RETURN REAL ESTATE
CD=ANNUAL AFTER TAX RETURN ON CD      
BONDS=ANNUAL AFTER TAX RETURN ON BONDS    
SELL=RETURN ON TOTAL INVESTMENT AT RESALE
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