All Forum Posts by: Collin Wallace

Hello ! I have family that are residential architects and live in Mount Pleasant. Might be a stretch but I could look into if they have any Real Estate connections in Isle of Palms .

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Charleston, South Carolina

@Wayne Brooks @Matt Devincenzo Thank you gentlemen ! I appreciate the clarification.

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Capital Gains Tax ***

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Hello, I am inquiring about information on what creative ways there are that I may choose to defer the profits from house flipping to invest into other RE deals? OR if there are methods that require me to invest that money into other avenues, or to pay down debt i.e student loans? Open to all information! Thanks!

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Greg did you ever find mentorship?

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Los Angeles County, California

Quote from @Christian Whitley:

@Collin Wallace is that form used for deferring?

Yes, refer to the above reply to my initial comment. The 1031 exchange is used to deferring profit made from sale of an investment property, essentially you'll have 45 days to use those proceeds to purchase another investment property of like-kind.

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Quote from @Dave Foster:

@Collin Wallace

@Collin Wallace Unfortunately a 1031 is the sale of investment property followed by the purchase of a replacement investment property. You could however rent it out for about a year then that would qualify it so long as the next property you purchase you intend to use for investment.

Even if you don't qualify for the primary residence exemption, there are a few exemptions for the amount time you have to live there (if you have to move for work, medical reasons, you're active military). I would recommend talking to your CPA to see if you qualify for anything along those lines.

Thanks Dave, helpful to know!

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I would be interested ! I am located just outside of Joshua Tree area and frequently am in Redlands area.

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Riverside, California

I agree with Bruce, either increase rent accordingly (15-20%). Or do not renew with any of the existing tenants. Start fresh and learn :)

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Have you looked into a 1031 exchange. That may help you here as long as you are looking into a similar typed home.

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All Forum Posts by: Collin Wallace

Collin Wallace has started 4 posts and replied 63 times.

Post: Expertise on Isle of Palms

Post: How to defer capital gains task on sale from house flip?

Post: How to defer capital gains task on sale from house flip?

Post: How to defer capital gains task on sale from house flip?

Post: Looking For Genuine Info on Pace Morby Subto Mentorship

Post: Capital Gains tax evasion

Post: Capital Gains tax evasion

Post: Looking to start a Househacking Meet up!

Post: Tell tenants you’ll renew if one roommate leaves

Post: Capital Gains tax evasion