All Forum Posts by: Lisa R.

Thank you Wayne so much for your help! Yes, it was a gift. And yes, I will have owned it for two years before I sell it :) I will do more research now- 

Thank you again so much!! It’s so overwhelming.
Lisa

Hello- Can someone please tell me if I will have to pay any type of federal capital gains tax on a property that I sell in Washington state that was given to me?  (There is no mortgage on it). From what I have researched there will be a 1.1% real estate excise tax because the sale of the property will be under $525,000. Is this correct?

Also, can anyone recommend someone that would be willing to sit down with me and discuss some real estate tactics for selling the house and purchasing another… For a fee of course! :)

Thank you so much in advance!

Still trying to learn this new platform – so I am not sure if I am replying to Randy directly right now or not. 

Anyway, thank you so much everyone for your answer! That is what I wanted to hear. And no, there is no mortgage on the property I own, and there will be no mortgage on the property I intend to purchase. That is my goal anyway :)

I am assuming you can do a 1031 exchange without a mortgage…

Quote from @Jonathan Bock:

@Lisa R. 

Expand a bit....  do you have a mortgage currently? We are going to need more facts to determine if you have boot for your case 

Also if you can answer online why are you selling for less than FMV?

Jonathan Bock, CPA 

Hi Jonathan, I am still learning how to use this new platform in replying. I think I accidentally just reposted my question, lol.
answer your question I am selling it for less because there are a lot of items on the property that need to be removed and I am just trying to be nice. This guy really wants it because his family lives next-door.
Thanks,
Lisa

Quote from @Jonathan Bock:

@Lisa R. 

Expand a bit....  do you have a mortgage currently? We are going to need more facts to determine if you have boot for your case 

Also if you can answer online why are you selling for less than FMV?

Jonathan Bock, CPA 

Hello – I am considering doing  a 1031 exchange on a property I own. I am trying to reduce the boot as much as possible.  I understand that when you purchase the replacement property, any difference between the value of your current property and the one being replaced will be taxed. If I am wording this incorrectly – you know what I mean :)

This is my question: when they consider the ‘value’ of my current property, does that mean what my current property is ‘worth’?  Or the amount that I am selling it for?

The reason I ask is because I am selling it for less than the market value. So I am assuming they will take the current fair market value of the property? 
I cannot thank anyone enough who chooses to answer this for me! I cannot find it anywhere online. Common sense tells me it is the market value of the property but I’m just not sure… 

Thank you so much!! 
Lisa 

Hello Andrew – I apologize it has taken me so long to respond. But you are recommending a renovation loan on a mobile home built in the 80s that has not been maintained (many holes in the roof and not sitting on a foundation) And a house from the 40s also sitting on no foundation?

Neither one of these properties seem worth fixing up to me.   do you mind elaborating a little?

Thank you so much :)

Lisa

Hello – I am so frustrated. I am trying to find a lender that will loan and use property as collateral? Is this a thing?
I want to use the loan for consolidating debt and some updates on another property. Basically just a personal loan. 

The property I want to use as collateral has a mobile home on it and it is not attached to a foundation. It also has no mortgage.

Thank you so much for any help!! I really appreciate it!

Lj 

Jay- thank you so much! I started thinking along those lines also last night. I really appreciate your help!

Take care!

Lisa

Hello Andrew, thank you so much for your response! Both houses are beyond repair. One is a mobile home from the early 80s that has not been maintained at all, and the other is a house probably from the early 40s. I don’t believe it is on a foundation either. 
definitely beyond repair.

Any other suggestions? Thank you again for your reply!
lisa :)