Kenny Simpson
BIG NEWS!! 1031 has been extended to October 16, 2023 in California, READ BELOW!!
The recently released update extension not only delays the tax filing deadline to October 16, 2023, it could also extend your 1031 Exchange deadlines until October 16, 2023 as well!
For example: Typically, if you wer...
Troy P.
RE Professional Status for Spouse
Hi all,
I believe it is common to have a situation where one spouse brings in majority of the W2 income and the other is either a stay-at-home parent, works part time, etc. and they can easily qualify as an RE profes...
Azin Eftekhari
Real Estate Professional Definition
Hi everyone,Can someone kindly explain the phrase underlined below in simpler English? A qualified real estate professional is a taxpayer who owns at least one interest in rental real estate that:
Performs more than ...
Celia Moore
Does a Vacation Home qualify for 1031 Exchange?
The answer is “yes” if the dwelling meets the qualifications set forth in Revenue Procedure 2008-16. Effective March 10, 2008. This revenue procedure clarified what was once considered a muddled area of 1031 exchanges...
John Boby
TRANSFER FROM MY NAME TO LLC
I just transfer a property from my name to single member LLC. Since this is a single member LLC, can I do a 1031 exchange before 1 year.
Rohan J.
Best way to 1031 a Residential property into a Commercial one?
Hi BP,
I've looked up a ton of stuff on 1031s, but haven't been able to find an answer to my specific situation.
I have a single family in Los Angeles that's worth around 400k, and I want to exchange for an apartmen...
Ryan Roesch
What to do with a ton of Equity
As the title/description states, we have a rental that just had appraisal done that came back really high and now the numbers really don't make sense. Any feedback is always appreciated.
In the mid 90's my grandfathe...
Nobuko Morgan
Expenses to write off?
I have recently bought an really old house and my husband who is contractor has been working on the house.We are planning to live in and sell after 2 years.I wonder if any expenses can be written off. Any comments or...
Mike Reynolds
1031 partnership property
Is it possible to do a 1031 on a partnered property if the new property is the same split? Can you use some of the proceeds for the down and some for the rehab? 1031 is new to me. I have never done one.
Bill Cove
1031 Parents on Title
Hi all,Have a rental under contract where my parents bought out a partner long ago before the property became a rental for a 50% interest. I have claimed income, expenses, and held all loans 100% on tax returns since ...