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Updated almost 10 years ago, 03/27/2015

User Stats

53
Posts
6
Votes
Nick Scalero
  • Real Estate Investor
  • Mountain View, CA
6
Votes |
53
Posts

Can I do this without taking a tax hit?

Nick Scalero
  • Real Estate Investor
  • Mountain View, CA
Posted

I'm getting close to retirement and have 3 rental homes.  The least desirable of the three and the one that rents for the least amount is paid off.  The other two still have mortgages.  Can I sell the one that's paid off and use the money from the sale to pay off the other two mortgages without taking a tax hit?  It's not exactly a 1031 exchange because I already own the other two properties but the money is still staying in my rental properties. 

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