I would like to purchase my first property sometime next year, utilizing this year to learn and network as much as I can.

Instead, it could impact your cost basis in the property, which would affect depreciation and future tax calculations.

@Jeanette LandI always recommend using a tax professional.

Over the years, I’ve gained hands-on knowledge in a variety of areas, including tax liens, tax deeds, rental properties, and fix-and-flips.

Joint tax return?  

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.

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

I don't think our detroit land bank sale properties with tax liens I would have to look into that. 

I had a project last year that a sub hit a conduit that was marked out and the utility made a claim many months later.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.