@Matthew Irish-Jones thank you for the reference

Quote from @Matthew Irish-Jones: Quote from @Andrew Jaquez: I'm working on getting my first piece of property and am now looking in Buffalo, NY which is ~6 hour drive from where I live.

Originally posted by @Matthew Irish-Jones:@Frank Patalano great post. 

Quote from @Matthew Irish-Jones: Quote from @Carter Trombley: Hello BP,  I have been in this mental loop and hoping for some advice, I am 19 years young and am currently in a partnership on 2 commercial properties located in Buffalo NY.

Go Irish!

Quote from @Jesse Dittmar: Quote from @Matthew Irish-Jones: I am managing 700 doors and have not had any of those issues. 

@Patrick Irish based on what you say, the Sec 121 Exclusion and the 1031 Exchange both seem like they'd be good options for you to defer capital gains on sale of the townhouse.Sec 121 Exclusion has 3 requirements: First, Determine whether any of the automatic disqualifications apply (acquired property through 1031 exchange in last 5 years, or subject to Expat taxes)Next, meet the ownership requirement -> you owned the home for at least 24 months (2 years) out of the last 5 years leading up to the date of sale (date of the closing)Finally, meet the residence requirement -> owned the home and used it as your residence for at least 24 months (or 730 days) of the previous 5 yearsThere is no “Wiggle Room” but there is a Sec 121 “partial exclusion” for people like you that missed the residence requirement by a few months.

@Patrick Irish, If paying money buys you peace of mind then go for it. 

@Matthew Irish-Jones care to weigh in?

@Matthew Irish-Jonesyes!