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Updated almost 4 years ago on . Most recent reply
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I don't really want to 1031. Am I wrong?
I'm selling a property and I'll only owe approximately $4k in taxes on it.
I spoke to a QI who quoted me around $1500 to do a 1031.
I generally try to *legally* avoid giving the government tax money, whenever I can avoid it.
But I'm actually not crazy about buying anything right now or pressuring myself to pick up a so-so deal. Our market is very hot and margins are thin here. I could try and find something off market, but I'm not full time in RE yet, so it's 50/50 I'd even find one in time. I still have a full time W2 job, and I'm not sure I want to box myself in.
Even though paying taxes unnecessarily is almost sacrilege in real estate, is it bad if I just eat the tax? I'd still be in the green. This was my first property and really just a learning experience.
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@Ross Bowman - 1031 is just a tool not a rule :) Do what makes sense for YOU!