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All Forum Posts by: David Willis

David Willis has started 2 posts and replied 2 times.

1031 Exchanges

Post: Is it possible to use 1031 for new construction home builder?

David WillisPosted
  • Contractor
  • Dairsie
  • Posts 2
  • Votes 0
I recently sold my first new home construction in a local subdivision. I work a full time job but have an LLC on the side for building new homes. Most of the work is done by contractors.. Is it possible to use the 1031 for new home build and sell? I plan to do 2 or 3 homes per year at this point.. Profit should be around 30k each. If not, any other better suggestion is appreciated!!
0 Votes
Tax, SDIRAs & Cost Segregation

Post: New Builder Advise???

David WillisPosted
  • Contractor
  • Dairsie
  • Posts 2
  • Votes 0
I work a regular full time job and i just started a new LLC for building new construction homes for extra income.. I'm almost finished with my first build which is a 2000sqft 4 bedroom home that I have priced at 195k.. Question is in case I don't sell it before the year ends, how can I use my spec house funded through my LLC to offset what taxes I've paid in on my regular job?? Thanks​!
0 Votes