Looking forward to learning more from the community.

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.

This allows us to close extremely quickly, which is an important competitive advantage.I don’t know how to read our own tax returns, and I’m certainly not going to read yours.

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

According to our understanding:1) California does not recognize REP status, but we could claim it on our federal taxes, is this correct ?

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

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

Consult your local CPA to calculate accurately and minimize your tax liability.

Hi Steve, where did you get your property tax estimate from?

I am about to graduate college in May 2025, and will be making about $120k (pre tax) in my full time job postgrad (Washington DC area).