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Updated over 3 years ago on . Most recent reply
Sell My first investment property
Hello,
Below is my situation and wanted to get this community's thoughts on what would be the best approach.
Current Situation
I just bought a townhome on my name at a good discount, thinking about putting it under my LLC. I am having a challenge getting a good rent so thinking about selling it with the intent to get another property suited for rental.
Taxes
If i were to sell it under my LLC, do i have to pay short term gains if i sell it for a profit? Can I acquire another property from the proceeds of the townhome? Can I do 1031 exchange?