All Forum Posts by: Karen Seale

@John Minerick - thanks so much!  I've bookmarked the page for future needs.

@Nicholas Aiola - 

 That is a very nice explanation and concurs with what our CPA said as well. Thank you for taking the time to give such concise feedback!

Cheers,

Karen

@Wayne Brooks  - Yes!  That is the question indeed.   We have contacted our CPA and hopefully we can get an answer in the next day or 2 so we can make a decision before our due diligence is up.  

Thank you, thank you everyone!  I am grateful for this conversation and your input.  This seems to be an area of investing we can all learn a thing or two about. :-)

@Bill Brant, @ Dave Foster

We identified 7 properties (initially 5 and added 2 for "in case" scenarios) and followed all the rules of the exchange.    Of the 5, one was cancelled and so we made an offer on 1 of 2 from our back ups.  The 2nd back-up is now pending by another buyer so is not available.  If we lose the 5th property (not good inspection/way too many things found), will we be paying CG on the $168K for that one property or for the whole 1031 amount ($925K)?  

I hope I am providing enough info.

Karen

@ Lance Lvovsky, @ Eric B, and @ Dave Foster - thank you all so very much for your input.  We were hoping for a "quick" answer as our CPA does not work on the weekend and we needed an answer asap due to time constraints for multiple variables involved.  

@ Dave- I will check out your calculator  and thank you again!  

Hello everyone,

We have been searching the posts here on BP and still haven't really found a specific answer to our question.  How do you calculate tax on a  1031 Boot?  Here's our situation:   We sold one property and are buying 5.  We may need to drop one of the 5 and want to know what the tax consequences are.  We need specific numbers and a calculation we can use to decide whether we keep the property and pay the possible $35K in repair costs or use the purchase price/cost to invest in something else that was not listed on our 1031 (since we will be paying CG taxes anyway).  Basically, we need to know if the boot taxes would be less than the repair costs of the property.

Thanks in advance for your help!

Karen

My husband and I are looking for Ohio and Indiana RE attorney recommendations, preferably someone who is well-versed in multifamily properties.

Thanks in advance!

Karen

Thank you, Dan and Dick!  Much appreciated!

Also, the hardwoods are being pulled up but not the concrete.  They will just be re-routing plumping through the walls so they don't have to take out slab.

Thanks for your input, Ray!