Jim Francis
Avoiding capital gains on income property.
Can you "flip" an income property that you don't live in and avoid capital gains? I'm talking about holding a property for the 2 year period that is supposed to make you exempt. :tongue:
Javonne Gray
Need help sorting out a seller problem
Hello,My husband and I are new to wholesaling we have had a few leads come through but none that were both situationally and financially motivated. We got a call from a seller who is both but we do not know exactly ho...
Heidi M.
1031 exchange - rules question
I have a vacation home at Lake Tahoe that I do not utilize often. I would like to sell and purchase another unit in the same area and was hoping I could do a 1031 exchange. Current property I do not rent due to the H...
Teresa Wang
1031 Exchange - investment property qualification
I purchased a small house in 2018 and rented it out from Aug 2019 - Aug. 2020 to my sister to use as storage. In Aug. 2020 to now, I tore it down and rebuilding a bigger house on the property. Since I rented it out ...
Buddy Holmes
1031 Property exit strategy
We had a 1031 exchange property which was a new construction rental for about 14 months, then we used as a residence for two years. We sold it at just under 4 years with the idea of a residence sale after living in it...
Armand Farr
Tax filings with properties in and out of LLCs in Houston, TX
Hi BP - need your help with this situation (our properties are in Houston, TX if that matters):
- Properties A and B: Both were held by three partners in our own names individually (never held in an LLC)
- Property ...
Rebecca Roddy
Great deal on Texas foreclosure properties
Foreclosure Listing Service, Inc has some great deals on Texas foreclosures for the upcoming December auction that is held every First Tuesday of the month in Texas. The next auction will be held on December 1st. Brin...
Willie Black
Husband passed away wife is not on the deed
The husband passed away spouse is not on deed of the house . The Wife would like to sell the house. He did not have a will can she sale it or do she need to go through probate first . Could she use a small claim affi...
Will Barnard
Take the Tax Hit or 1031?
I have a problem and would love to hear some opinions on this.
Here is the scenario: a $1.5M tax exposure (net profits on sale of property) and a lack of desire to pay Uncle S. and CA 50% of that ($750k).
So the ques...
Stuart Udis
Attention New Investors - Asset Protection Simplified
Attention new investors: As I’ve immersed myself in the BiggerPockets forums, I’ve observed an extreme emphasis placed on asset protection by those entering the business but their approach and where they decide to all...