Legal residents of other states are not required tofile a Georgia tax return if their only activity for financialgain or profit in Georgia consists of performing servicesfor an employer as an employee where the wages forsuch services does not exceed the lesser of five percentof the income received from performing services in allplaces during the taxable year or $5,000.3.

For a high level, when you sold your partnership interest, you generally determine the taxable gain or loss, its character (ordinary or capital), and holding period (long-term or short-term) by reference to the partnership interest—not by reference to the underlying partnership assets.Get a professional, please. 

In order to have personal access to and use of that currently tax-sheltered retirement plan you must take a taxable distribution.A self-directed IRA is simply a means to diversify retirement savings and have broader investment choices. 

@Matthew K. there are tax benefits to either strategy.If you've lived in your old house for 2 out of the last 5 years, you can exclude up to $250k ($500k if you're married) of the gain from your taxable income.If you use funds from a HELOC, you tap into the equity of your old home, pull out money tax free, and invest it.

Other than this approach (and no selling financing/deferred sales trust) is there any other approach to defer tax on the sale of your primary residence when your taxable gain is over $500K?

The BTA ruled that “where the owner of rental property devotes it rental purposes and exclusively to the production of taxable income, the property is used by him in a trade or business”.On appeal, the 6th Circuit came to the conclusion that the building (rented to multiple tenants) was a TB, but they got there via different means.

I believe its December 31 2026 it becomes a taxable event regardless of if you've sold the property or not. 

The only way to pull the cash out of the 401k is to take a distribution, which of course would be taxable event, plus penalties if the distributions is taken prior to normal retirement age. 

@Chris Mason It's a little bit confusing: before we file taxes, the rental income considered 75% from gross rentals - for qualification my incomeAfter I file tax return, the bottom line will be much less than 75% of gross because all these HOA, taxes, insurance, depreciation will be subtracted and it might be 10-15% of the gross rents as my taxable incomeIs it better to apply for financing before I file taxes or I'm wrong at counting the income?

Does FIL want to transition the property taxable gain into another income producing property rather than cash out?