Chris Heeren
1031 Tax Exchange and ultimately keep the cash in a bank account?
So I'm selling one of my rental properties for about a $15K gain in order to put some extra reserves into my pocket to help support buying more properties. I wasn't planning on doing a 1031 exchange as I need the cash...
Eric Peterson
Cap gain calculation selling O/O home now a rental
I can't find an answer to this question anywhere with a search of the group. I have a specific question about how taxes will be calculated selling a home that was originally purchased as owner occupied and has been a ...
Ian Smith
Rental converted to Personal, how to handle HVAC
Lived in house from approx 2000 to 7/2014 at which time i rented it out. In Late 2015, i had to buy a new HVAC which meant that in addition to depreciating my house, i started depreciating my HVAC on a 27.5 year sched...
Kyle Stanley
Taxes owed on sale of a 1031 property in less than a year
Question for the 1031 QI’s and the CPA’s. We bought a STR in the Smokies in September 2022 using 1031 proceeds from sale of a LTR we owned for 2 years. It is draining me and we need to get rid of it. Our intent was ...
Urvashi Vasishtha
Pros and Cons of Paying Off a Mortgage Early
My two cents on the pros and cons are:Advantages:Probably the primary benefit of prepaying a mortgage is personal peace of mind. In addition, borrowers pay less total interest overall when paying off their mortgage ea...
Justin Skinner
Trying to understand tax situation, would love perspective
Hello!I am relocating to another state for a new job and am trying to decide if I want to sell my home and re-invest in something up here. Some final facts I need to make a decision are the tax implications, any help...
Zacharias Salva
Less than ideal cap rate
I have two questions. My first question relates to a single family unit that I bought last year to reside in but have just converted to a rental. After research and plugging in all the numbers I have found that this p...
Joe Marden
Valuing Property to Sell
I own a single-family home that sits on approximately 4 acres. I am buying 8 acres located behind my property that will give me a 12-acre parcel in total. In the zoning district that I am located, the residential dens...
Joshua Dolan
Own our home and looking to move
Wife and I own our home in MD and are looking to move to a nicer coastal area fairly close by. Our home could likely sell in the 500k range and we would upgrade to a home in a nicer area in the 700k range. We could re...
Seidy Lasker
Flipping Property in S-corp
If someone is a "real estate dealer" and can't report profit as short term gains from developing or flipping property, then wouldn't the best option be to buy and sell through an S-corp since they're a business?