All Forum Posts by: Takako Smith

I don't know the state of GA law but if it is in the CA, I would

1. Serve change of terms notice to all residents regarding the use of community area

2. Put in the notice that, 

1) can't use this space to dry laundry

2) can't use this space to displace any art/personal property

3) can't use the trees/plant to dry laundry

4) can't use this space to store any personal property belong to tenants/invitees/guest

5) can't alter this area in any form by attach/build/nail/paint etc., etc.,

Dave

Thanks to you as well for telling me the specific IRS procedure. I will read it and make sure I will follow every step necessary. There are tons of things to learn but all worth it.

 Thanks, Daniel. Will reach out to you when time comes. 

Hi Daniel,

Wonder which area of OC you are worrying about................

Thank you all for the posts!

Will do more homework but will appreciate if someone else can share their stories as well.

The property I am considering to sell is 4 plex, generating approx. $6000/mo. Owned free and clear. 

For this conversation, say I can sell that around $1M, prorated $ would be $900K.

I need to make sure this $900K would pay for two units (if Triplex) 

or

three units (4plex) 

I must target the upleg property priced at $1.35M for the Triplex, $1.2M for the 4plex.....I hope I am correct. 

-You currently live in your primary house　　YES

-You acquired a business from husband (hopefully a property, as it was not specified)  YES

-You want to sell that business and 1031 exchange it to a triplex that you saw  YES (Triplex or 4 plex) 

-You want to move into one of the units of the triplex and rent out the other two, while also renting out your previous residence  YES

Hi Mr. Exeter,

Thanks for your reply. Understood everything you mentioned earlier. 

Any tax liability if I do the 1031 exchange (business to business, I won't move in) , then I change my mind years later and moving into one of them? Just want to cover "what if" scenario so I know what to expect. 

"So to avoid gain on the sale of the business asset 2/3 of the basis of the new property would need to exceed the sale price of the old business property. "

Yes, my CPA mentioned this, too. 

More things to consider and research, but thank you both.