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I keep hearing of investors who want to liquidate several residential holdings and avoid any capital gains by selling their primary residence then moving into another previously rented out home, which becomes primary,...
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I am a homeowner and wondering if I can move out of my current home, rent it, and use a 1031 exchange to pay the current mortgage and home equity line of credit. Can anyone help with this question? Thanks.
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in order to waive capital gain tax, i have to using the proceeds from selling my flip house within 180 days to buy another property.my question is, can I buy 2 or 3, whose total sum exceeds the proceed of the flipped ...
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I had a question that my QI couldn't really answer. Before I bug my poor CPA again, I'm wondering about the collective consensus of this group. How long do I need to keep a newly purchased property that I exchange in ...
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How to Calculate new Property Basis in 1031 Exchange
Define terms:
Property sold
P1 = Original Purchase price of property exchanged
TDP1 = Total Improved Property = P1 – LV1
LV1 = land value when purchased
TD1 =...
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I think this is a basic question about how depreciation works in a 1031 exchange and I think the easiest way to ask is through an example:I buy house A for $200k, over the course of 5 years depreciate $50k of it, and ...
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Hello everyone.
First time poster.
General Background
Newbie investor
No credit available (poor credit and repo due to major health issue).
Multiple tax years of returns due (nominal to no income)
Unplanned ow...
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I was reading an old BP article posted by Jeff Brown regarding the use of excess depreciation and how it could be used in replacement of 1031 exchanges: http://www.biggerpockets.com/renewsblog/2010/01/05/150k-year-exc...
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Didn't locate anything written recently on this: Has there been a change to the tax treatment where an owner can move into a rental and convert it back to a residence then sell it w/o capital gain, within acceptable g...
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Hopefully a tax professional can offer some perspective on this one. We are selling our primary residence and purchasing a new primary residence. Unfortunately, or current residence has not yet sold. Therefore, we ...