Intangible assets like goodwill or tangible personal property (e.g., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

@Lauren MerendinoI strongly believe that your chosen market should be somewhere that you can go to in person / have strong personal knowledge of / have family or a network in already.  

what kind of investment was/is this  a little more detail may protect others if you think this person is a financial predator.  

Personal loan for renovations How did you add value to the deal?

Highly suggest coming out to some of the local chicago IN-PERSON meetups! 

They actually have a licensed person in California.

We would want to use it for personal use probably one per year. 

I would spend money to enhance and update to current standards the search functionality and person to person tagging so it's easier to find stuff.

Do you provide personalized guidance, or is the mentorship more of a one-size-fits-all approach?

A contract is only as good as the person enforcing it.