All Forum Posts by: Jeff Nash

@Brian Perlman ?

If I am interpreting what you are asking correctly, 2 different owners (and I assume taxpayers) are selling their respective properties and the combined funds will be used to purchase another property. Each owner in this case would have to do their own separate exchange and buy into the replacement property however they decide and agree upon (% ownership) using a TIC for example. They would have to make sure they are exchanging up and meet the necessary criteria to each achieve full tax deferral if that is their goal. It would make sense to use the same QI to coordinate efficiently.

@Daniel Murphy since you are in the profession I would do one or 2 things - invest in Drake Software and use their tax planner for you and your clients, or use Holistiplan, again for you and your clients. I’ll connect with you too. 

You can take a look here - https://www.biggerpockets.com/...

@Denver McClure can help with this type of situation. 

@Denver McClure and @Harrison Sharp can chime in.  

More facts and information is needed about her overall situation as you seem to understand (ie interest rates).  I would suggest she discuss with a trusted financial/tax professional that can offer a few different options and help allay her concerns and fear.    

I am a tax professional so I have always used QuickBooks Online as it’s relatively easy to navigate and you can set up classes for each property, customize the chart of accounts, and link bank accounts.  It has tremendous market share relative to other platforms like Xero and Waves.  

I recently demoed Azibo which is geared specifically for property management and it has what I would like and expect to see in reporting.  It is a newcomer and there is no cost for the accounting feature.  The risk is that is it is a newcomer, and will it be around in the years to come?  

I expect you’ll get helpful feedback from others with a different perspective.

@Jared Elms I am in McKinney.  Please also refer to the BP Tax Directory - https://www.biggerpockets.com/....

@Jon L. you’ll need to break down the numbers and do a proforma tax analysis, and to do it right and most effectively I don’t see how you can bypass one or more of the aforementioned professionals (CPA, cost seg, 1031 QI and maybe even a financial advisor to some extent).  More information is needed to understand your background, goals, and current financial and tax situation.