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All Forum Posts by: Ouman You

Ouman You has started 9 posts and replied 52 times.

Los Angeles County Real Estate Forum

Post: What would you do with this case?

Ouman YouPosted
  • Posts 52
  • Votes 15
Originally posted by @Thomas Rutkowski:

@Ouman You   Wow. That is some appreciation! A 1031 is out of the question because it is not an investment property. The best option would be to consider a Monetized Installment Sale. This is a way to structure your sale so that you get cash at closing and you can defer the capital gains tax and depreciation recapture for 30 years. This sales structure is pretty common in CA where property values have appreciated as you've described.

Thank you for your suggestion. 30 years seems long, knowing that she wants to buy a new property.

0 Votes
Los Angeles County, California
Los Angeles County Real Estate Forum

Post: What would you do with this case?

Ouman YouPosted
  • Posts 52
  • Votes 15

Hi guys,

I'm trying to help a relative here and I need your insight.

She bought her house for 70k in the 70s, now the area is well sought after in SM and it's worth north of 3.2MIL....it was never rented and now that she wants to sell...we found out that there will be a 32% capital gain tax...after deducting the 250k (single) + 70k (original price)+ 90k (renovations)...she will have to pay a little above 900k in taxes and wont be able to get a house for 2.5MIL that she liked. 

We were told that she is not qualified for the 1031 exchange, since the house was never rented before. Other than that she does have other rental properties...what would you guys in this case?

Thank you!!!

0 Votes
Los Angeles County, California