All Forum Posts by: Tom Beck

Can someone answer this Hypothetical question for me regarding 1031 and Taxes.

Scenario

Lets say my Father bought a property for 1,000,000 and Sold it for 2,000,000

1031 Exchanged the sale

Bought two properties for 1,000,000 dollars each.

Held the properties for one year.

Sold me one property for 1 Dollar.

Sold the other property for 1,000,000.

Questions

Is this legal?

What would he owe in taxes?

What would I owe in taxes?

What laws could stop this from occurring?

@Odie Ayaga Yes that is why

@Cody Z. thank you for the recommendation unfortunately you were correct @Nicholas Aiola is only virtual at this point.

I own 3 two families on the South Shore of Staten Island. I am considering taking out a HELOC on the first one I purchased to buy a fourth. I would really like to discuss different financing options and how they change when/if I place some of the properties into LLC's. Is there anyone you can recommend in New Jersey?

Should have also specified hoping to find a good CPA and Lawyer in Staten Island.

I'm a 30 year old Architect/Engineer who currently owns three rental properties. I think it is time to consider opening LLC's.

Does anyone have a good Real Estate CPA?

Also looking for a good Real Estate lawyer.