All Forum Posts by: Sanghamitra S.

Wow- thank you for such a detailed comprehensive answer- appreciate you putting out the choices above!

Hi,

I have a condo that has been a rental property for a few years that I am getting ready to sell  in the next couple of months.

I also own a piece of land on which we are currently paying a mortgage. We may build on this site or sell it off... depends on our personal situation.

Q: Can I use the proceeds of the sale as a 1031 exchange to pay off the remainder of the mortgage?

Thanks Linda... I did come across Brandon's post on this written a year ago- and realized he is an authority on the subject. If I have any other questions during the process with my own CPA, I'll know who to ask :)

Hi all,

My husband and I have a condo where we used to live for a few yrs until we rented it out in 2009. We have never done our own taxes or even looked at our tax returns before now (Very foolish, we know). And I recently came to know about depr on rental properties. So, on looking back, I find that the CPA who did our taxes in 2009 did take some depr for that yr. However, the CPAs who hv subsequently done our taxes never filed for depr.

What should I do about the yrs 2010-2015?

Also, after the lease is over on Dec 31, we are going about the process of listing it for sale in 2016.

Thanks in advance!