IRS'CODE'§'1031'DEFINITION'"An exchange in which, pursuant to an agreement, the taxpayer transfers property held for productive is in trade, or business or for investment and subsequently receives property to be held either for productive use in trade, or business, or for investment".You can't sell investment property and buy your primary residence.But you can sell investment property, buy investment property and then later change it to your primary residence.

But he also had access to further draws on the note as he bought more properties & needed financing for the subsequent rehabs.It ran very profitably for some years then he decided to hold some as rentals after paying down the note completely from those that he sold. 

I have also listened to every podcast multiple times.To give everyone a little background on myself: I recently withdrew from an accelerated combined undergraduate/graduate degree program after the first year of the MBA portion for reasons I will discuss below, and subsequently was awarded a Bachelors Degree in Business.  

The opposite is true of course in a fix n flip business where your current expenses (cost of goods, etc) have an immediate impact on your profit and subsequent taxability.The answer to your dilemma of depreciation recapture is to use the 1031 on the buy and hold side. build tax advantaged equity with that by indefinitely deferring all tax on gain and depreciation recap. 

Focus on simple concepts first (walk before you run).Yes, it's possible to purchase a property from a seller using seller financing and subsequently resell at a profit. 

Hi Community,I am looking at a property which is foreclosed.It had below events on property:1\1\1999 Deed of trust -- Owner1 -- ABC Mortgage1 (Subsequently Released)1\1\2000 Deed of trust --Owner1 -- XYZ Mortgage 2\1\2000 Release --Owner1 --ABC Mortgage11\1\2002 General Warranty Deed With Vendor's Lien Owner1 GrantorOwner2 GranteeNote: Document also mentions about DEF Mortgage being first Lien mortgage1\1\2002 Deed of Trust --Owner2 --DEF Mortgage Appointment of substitute trustee on DEF Mortgage to Owner2Considering above events on property will the XYZ Mortgage of owner1 wipe out when the foreclosure auction happens on "Owner2 --DEF Mortgage" ?

In subsequent years I've used TurboTax and have had no issues (but no complex tax situations, either).This year, when I filed my first LLC (partnership) tax return I thought I'd skip the "by hand" part and just use TurboTax business.  

Even as we move on to subsequent chapters, please feel free to go back and comment on previous chapters.

Money has cratered many a good relationship and you probably want to be quite careful not to do that to this one.

This is important because the first gets paid before subsequent loans.  79% LTV (Loan To Value) is the balance of $41300 divided by value of $59000.  12% ROI (Return On Investment) is what the Craig's List poster believes your return to be if you purchased the note.-$41300 balance/12months seasoning with cancelled checks $41300 balance is the principal that remains outstanding to be paid and the basis from which interest due will be calculated.