All Forum Posts by: Craig Lessler

Hello everyone.  I am doing a 1031 Exchange and want to verify the portion of the gain which is taxable.

1. Relinquished property is being sold for $159,000.

2. Adjusted Basis is about $60,000.

3. Fix up expenses to sell the property are $19,000.

4. Cost of sale are $9,000.

5. Replacement Property is being bought for $123,000.

6. Closing costs for the replacement property are $4,000.

Please provide me with your ballpark estimate of the taxable portion of the capital gain.

Thanks.

Vera,

I contacted Bencho Aurora and decided not to go with them.  The property they showed to me was in a bad area which was going downhill. 

Craig 

Does anyone know a good portfolio lender in Pittsburgh for SFRs with competitive interest rates and fees?

I am willing to put 30% down and have excellent credit?

Thanks, Jim.

Does anyone know of portfolio lenders who will do cash out refinances on condo units in Phoenix at competitive rates and fees (75% LTV, excellent credit, verified income, strong cash flow)?

Thanks.  The capital loss carry forward is s long term capital loss from stocks.  If I can use the capital loss carry forward, then I can possibly afford to pay all cash for the replacement property by using the net cash proceeds from the sale and adding another $250K of cash.  

Regarding a future 1031 tax deferred exchange, I estimate $800K will need to be invested into replacement properties to continue to defer tax liability of all depreciation recapture and capital gain from the sale of a property.  If the depreciation recapture is $200K and there is an additional long term capital gain of $300K, could $150K of carry forward capital loss be used to offset depreciation recapture and a partial 1031 exchange be made into a new property purchased for $650K without incurring a tax liability?

please add me to your list.

Preston, does your company finance non-warrantable condos in Arizona? If so, is financing only available to owner occupants or is it also available to investors? Also, if financing is available, at what LTV and interest rate?

I ask because I have noticed some condos for sale where it is specified that the buyer must pay all cash without financing.  These are condos in which a majority of units are investor owned.

Thanks for the quick response.