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Looking for answers regarding 1031 property tax exchange
Looking for answers regarding 1031 property tax exchange from a lawyer … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
A client of mine sold a hotel. After that he kept the deed
A client of mine sold a hotel. After that he kept the deed for one day and transferred the deed to a new corporation in which he is buying a new hotel. Can he do a 1031 in the old corporation and file… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,205 satisfied customers
In a PARTIAL 1031 exchange the basis of the old property
in a PARTIAL 1031 exchange the basis of the old property rolls over into the new acquired one ? or does it go against the cash boot to offset capital gains tax?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
I would like to buy an old house and flip it. If I start a
I would like to buy an old house and flip it. If I start a new business and pay cash for the old house, how much can I write off of my taxes. I have a 700k long term capital gain for 2017… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
If I am selling a building that has no debt us say one
If I am selling a building that has no debt for let us say one million dollars and I want to reinvest using a 1031 exchange for $500,000. and I take back a mortgage on the rest for 5 years, Am I oblig… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,289 satisfied customers
I would like to purchase 1031 exchange. But need to
I would like to purchase for a 1031 exchange. But need to understand what's feasible. I'm selling a property (relinquish property) for about $310K and would like to purchase another one for $320K. My … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
So here is my scenario. Original Purchase price of my
So here is my scenario. Original Purchase price of my home 350K, Sell Price 450K, Amount owed on Loan = 290K, How so I avoid paying Cap Gains Taxes? I looked at the 1031 Tax Exchange is seems that I c… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Megan Question , I refinanced a few years ago on a
Megan Question for you, I refinanced a few years ago on a 4plex (I live in one unit) building would that be considered Mortgage Boot By the IRS and be subject to tax now if I go ahead with the exchang… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
We have a rental property which we own free an clear but it
We have a rental property which we own free an clear but it requires work before we can sell it. So we are going to do a HELOC ont he property and then sell the property soon there after. We have depr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
hi. #1 - I am selling my rental property and purchasing a 2nd
hi. #1 - I am selling my rental property and purchasing a 2nd home. For IRS1031 I understand this is deferring to pay gain from the rental property sale. Question say my rental property made 150k gain… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
hi...i have a question re. a 1031 exchange...was reading about
hi...i have a question re. a 1031 exchange...was reading about them and am confused re. capital gains...say if you did such an exchange say for $100,000 real estate and the capital gains tax is 20%, t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,449 satisfied customers
Does the IRS impute income where Taxpayer:(1) buys land
Does the IRS impute income where Taxpayer: (1) buys land for $45,000, holds land for 10 years, then sells land for $2,700,000 in a no-money-down deal, taking back a $2.7 million purchase money mortgag… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Hello, I read the 1031 exchange rules, etc but am confused
Hello, I read the 1031 exchange rules, etc but am confused . Simply, we have 2 apts that we have a payoff of 785,000 on (including fees, unpaid RE taxes. etc). If we sell for 1,000,000 and want to do … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I traded in a business vehicle that was a purchase and depreciated...
I traded in a business vehicle that was a purchase and depreciated... and am now leasing another business vehicle. How do I handle this? Since I am not depreciatign the leased car I assume I cannot do… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
My in-laws want to sell one of their investment properties
My in-laws want to sell one of their investment properties and do a 1031 exchange on a property they would invest in WITH us. We love the idea, but are ready to buy now and they won't be able to list … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
My parents own a property that they want to sell. They bought
My parents own a property that they want to sell. They bought the place in 1988 for $200k.. They can sell it for $1.1 million , property is free of any liens.. Parents are divorced age are 62 and 58 .… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
my wife and I formed an LLC which owns a building.
my wife and I formed an LLC which owns a building. over the course of three years, we did massive construction and have converted the buildng into 5 condo units. after we sell two units, we've paid of… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
I sold a property I held for over 1 year and made a 20K ...
I sold a property I held for over 1 year and made a 20K profit. I've put it in a 10/31 exchange and I am closing on the next higher priced property this Friday. However, I've now just been made aware … read more
Jim Revels
Jim Revels
Master's Degree
126 satisfied customers
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