All Forum Posts by: Sam Edgin

Hey all,

First post here, been a member for a long time and finally at the point where I need some solid guidance. So I purchased a 3 unit home and I live in one of the units and took an FHA to purchase this home. I have done some repairing and renovating and have all my receipts kept.

My question for you all is what do I need to make sure I do when tax comes around to get the most advantage? I know I can write off stuff such as interest payment on my loan and repairs. Is there a software that you guys recommend using to document this? Or do you just take pictures of your receipts and send them to your accountant? This is my first year doing taxes as an investment property owner and I want to make sure I make the most of it :) Sorry if I posted this in the wrong area as it is my first post so please bear with me! Thank you in advance for all your help I know how useful everyone on bigger pockets can be.

Thank you Dave! You are the man!

Hello everyone. So I want to purchase a trailer park with a partner. We would be going into the property as tenants in common and both have 50% ownership. My question is pertaining to what happens when we decide to sell this property. What happens if we decide to sell the property and don't plan on reinvesting the money together. Can we go our separate ways and still defer capital gains tax if we were to do our own 1031 exchange with the portion of the property we own? does this make sense? 

but then why do i have to live in a single family resident for 2 years to avoid taxes even if I have it for investment purposes? Where is the line drawn that decides if you have to live in a property for 2 years to reap the tax benefits?

1031 exchange help needed.. 

So everything I read about 1031 exchange is the same general information. My question is in particular to multi family real estate. If i were to purchase a 50 unit trailer park, does the rule still apply where i would have to live in one of the properties as a primary residence for 2 years? I understand how this law applies to SFR's but I cant seem to find information differentiating between small residential and commercial real estate. I am curious as to how big time investors with many properties manipulate a 1031 exchange. I don't see a big investor living in a trailer within his park to qualify for a 1031, but they still manage to pull of a 1031 exchange when it is time to sell the said trailer park. How is this done? any actual detailed insight to how this works would be greatly appreciated.