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Updated almost 5 years ago on . Most recent reply
Investing in Illinois pitfalls?
I have a colleague at work who owns 4 rental properties, I know at least 2 of them are located in Illinois. Illinois being the glamorous, tax happy state that it is...I have some questions. Well one mainly. What is the deal with selling a property in Illinois and being taxed on the sale if you don't reinvest in Illinois? Kind of like they have their own 1031 type of exchange going on.
I'm a buy and hold guy, but if I bought and thought this is a bad deal...what does the exit fee look like?
I don't have any financial information on the deal yet, just looking to the future and gaining knowledge for now. I appreciate any feedback, thank you.
Most Popular Reply
Good question @Soh Tanaka and I should check my resources. It came from people I work with that live in Illinois. About 3 or 4 people have mentioned it at different bases my company runs in Illinois.
Am I misinformed? I have not seen written information about this. Perhaps it was a speculative or future tax that was being floated by the media?