I would likely use the equity to purchase more real estate so I might just 1031 into a new propertyCaveat: I am not a CPA, tax professional, lawyer, IRS afficianado or other expert in taxes, but...If you have lived in the property for two of the last five years, you should be able to capture that $100k in appreciation without needing to go through the hassles of a 1031 exhange.

This is a red flag for the IRS.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

I'm a seasoned finance profeesional with over 7 years working in Corp Dev & IR roles in Argentina.

Not sure what the NY refund situation is, but the federal refund is amortized with carry over credit until used up so that you never receive a refund from the IRS greater than what you paid in for the year.

Departments like Housing and Urban Development (HUD), Veterans Affairs, and the IRS are just a few of the resources you can use to find foreclosed properties.

I just want to make sure that I don't end up paying taxes on it like I would if it was a long term property and I sell it without a loan to repay, therefore, it looks like all profits to IRS. 

Would love to hop on a call! 

The IRS typically requires the property to be placed in service as a rental property before you can start claiming depreciation.Once the property is converted to a rental and placed in service as such, you can then conduct the cost segregation study and claim depreciation on the rental portion of the property.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.