All Forum Posts by: Susan O.

wow crazy my accountant is so ill informed.  i was wondering on a triplex can you live in one unit for 2 years, another unit for 2 years then 2/3 of the occupied would be cap gains tax exempt with the 2/5 year exemption?

Thanks Ill let you know if I get one.  I have about $25k in judgements from evictions

So for if i was doing a triplex living in 1 unit then another unit 2 years each could I take advantage of 4 yrs of 5 yrs moving from one unit to another with the sect 21 cap gains exemption? so 2/5 years in one unit and 2/5 years in another unit

When I convert a rental unit into an owner occ unit then would I have to pay back the recapture dep tax that year?
I lived in one unit 2016-2018, another unit 2018-2020, and I plan to sell at end of 2020. This is for a triplex that I owner occupy too thanks! Susan

 I've heard at the end of the 6-12 months of forebearance there will be an option to modify the loan.  You might get a much lower rate and then you could possibly defer the owed money to the end of the loan

I am assuming that cares act and government will step in and force them too. So anyone who didn't take forbearance didn't get to take advantage of a really good loan mod

Hi ya'll

What are your opinions or has anyone had some experience with Loan forbearance?

Has anyone tried getting a loan modification at the end of their forbearance period?  What do you think the options will be? Lower rates?  Deferment to put the owed debt at end of the loan?  Or something worse?  Could this Loan mod at end be something negative for our ability to do a future Loan or Refi on another property?

This is on a Duplex I live in one side.  I got Wells Fargo forbearance last March during covid.  I was thinking of trying to refinance but they said to refinance I'd have to Pay back all the defered payments then the rate would be about 3.5% on the new loan.. That would be a Refinance not a Loan Modification

Then I was wondering Deferment would put all my payments at the END of the loan which would be beneficial over a refinance where I'd have to pay off my last 3-4 months of payments.  Perhaps the Loan modification at the end of the Loan Forbearance could be some really good options for us?

But I also heard if you just wait until the end of your forbearance payment you may have the option to then Modify the loan? What do you think terms will be and what I should do?

This is on paper but theres a lot of apartment not able to evict and have tenants not paying 'due to covid' 

There's also this:

https://www.naahq.org/news-publications/democratic-municipal-officials-calls-congress-support-rental-assistance

Any updates on this?

Ther's a national apartment association advocacy group

https://www.naahq.org/advocacy



https://www.naahq.org/news-publications/democratic-municipal-officials-calls-congress-support-rental-assistance



https://www.naahq.org/advocacy/action-center/advocacy-365

You can also sign petitions and join apartment associations it seems

 Thanks the plan for this owner occ house hack triplex was 

2016-2018 live in unit 1

2018-2020 live in unit 2

2020 end resell and use the cap gains exemption on the two units I lived in, and use the 1031 exchange on just the unit I kept as soley a rental

 Hi Ashish,

So for if i was doing a triplex living in 1 unit then another unit 2 years each could I take advantage of 4 yrs of 5 yrs moving from one unit to another with the sect 21 cap gains exemption?

When I convert a rental unit into an owner occ unit then would I have to pay back the recapture dep tax that year?  
I lived in one unit 2016-2018, another unit 2018-2020, and I plan to sell at end of 2020. This is for a triplex that I owner occupy too thanks! Susan

 So does that same go for a triplex?  If you lived in one unit of triplex for 2 years then another for 2 years.... could you then get home owners exemption for the 66.66% units you occupied then you 1031 exchange ONLY the 1/3 unit that you did not occupy?