All Forum Posts by: Ken Mull

Thank you both for the reply. So is the cost of the Improvement exchange $40 - $50 K?

I'm considering selling a rental property and buying another that may be less expensive than the one sold. But the new property needs work. Can the excess funds be used to make the improvements without the tax consequences? Thanks for any insight.

Dave

From a tax return prospective, would it need to be claimed on all of the siblings tax returns? What about the parents returns?

Also if they were to do a 1031 in the future, how would that need to happen? Do all of the siblings need to participant?

Dave,

If the OP wanted to now us the property as an investment, could she restructure it going forward (renting to the parents) Create a lease, collect rent, claim rent on tax return? Thereby setting the stage to do a 1031 in the future to avoid tax issues. Then take the proceeds and reinvest tax free. If not are there other tax strategies to employ here?    

https://www.biggerpockets.com/users/davefoster1031

Thank you Dave. I appreciate the response. I will likely have more questions. 

I have a duplex in NY that I purchased as a primary/rental about 18 yrs. ago. About 12 years ago I moved out and it became 100% rental.

If I sell it now for $700K I can net about $350K after paying off the first and second mortgages. If I do a 1031, I know I have to invest all of the $350 to avoid taxes but do I have buy something $700 or more?

Zack Karp

Does Midwest do HELOC's in New York or Florida ?

Thanks

I own a condo in Fort Lauderdale with a fair amount of equity. It is vacation home, never rented. Would like to secure a HELOC so I can tap the equity to use for other real estate investments. Any thoughts?