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Updated over 2 years ago,

User Stats

6
Posts
2
Votes
Zachary Spade
2
Votes |
6
Posts

Should I do a 1031 Exchange

Zachary Spade
Posted

So this will actually be my first sale and Im not sure if I should do a 1031 or not, I purchased a SFH about a year and a half ago and after some remodelling its been rented since Oct. I purchased the property for 60k and we're listing it now at $109,500, I would really like to keep all my money from the sale and go into a duplex or triplex, my agent said he doesnt do 1031s since its not that much tax but I think the tax would be around 7k? which is still a lot to me, so asking other investors are they worth it? The money I make from this sale will be all the money Ill have so will I be able to use the funds from this for my Home Owners Insurance? Any remodeling to the new property? what if I have cash left over how does that work? Would I pull that out and just pay taxes on that? Also could I use the funds for multiple down payments on new properties? Sorry for all the questions I just really want to understand this before I make my decision, Thank You!

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