All Forum Posts by: Emmanuel Kizayilawoko

@Natalie Kolodij Sorry I meant my realtors CPA. According to you guys’s expertise and what I’ve read that seems to be the consensus and most accurate answer. Not sure why I’m getting that from these guys...thank you for you help however. Very much so

@Dave Foster I like that 1031 strategy a lot and that sounds like a great way to invest (tuck away) capital. I'm definitely going to look more into this option. I've also double checked with a PCA in town as well as my realtor and was told I wouldn't be exempt from capital gain since I lived in it (5years) rented it out for the last 2 years. I would be paying a portion of the capital gain - RECAPTURE, not absolutely sure what the rate would be however? I'm going to keep inquiring.

@Emmanuel Kizayilawoko

Thank you so much you guys

@Wayne Brooks now I get it thank you.

@Bill Brandt but sounds like that may just work out thank you for your answers

@Bill Brandt that’s what I thought but my CPA didn’t seem to think so.

@Wayne Brooks

Hi @Wayne Brooks prior to renting it I lived in it for 5 years then rented it out for 2 years? Would that still apply?

@Jay Chang to refinance I would have to keep the property? And since the property is still be financed I would only be able to pull a portion of the equity...?

@Natalie Kolodij

Hi, that includes that doesn’t include the selling costs but does include renovation that were done prior renting it out.

I’ve claimed depreciation on my taxes for this particular rental as well. So I’m not certain about carry overs.

After selling in looking at $144,0645.05 gain not including notary fees selling/closing (8%) and tax...

@Ashish Acharya I didn’t think about opportunity zones just because the cash maybe tied up for a longer period and the return relatively less?