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I have a 1 million dollar property that I purchased for 1/2
I have a 1 million dollar property that I purchased for 1/2 million in exchange funds and about $150k cash. Can I 1031 exchange this property for a home that is about $750k and take the balance as cap… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Sold a property using a 1031 exchange process with a portion
Sold a property using a 1031 exchange process with a portion of boot money, through a Qualified Intermediary in 2017. Initially filed the required 3 identified potential properties to be purchased within the 45 days limit. However, none of them materialized and bought another property. so, 1031 exchange failed. So, QI waited the required 180 days before releasing money to me in January 2018. Should I recognize proceeds from returned money from QI received in Jan. 2018 in 2017 filing? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,723 satisfied customers
I sold a duplex in 2017...one half was my primary residence
I sold a duplex in 2017...one half was my primary residence and one half was rental...I qualify for one half as the sale of my personal residence and am able to use the exemption..the other half I use… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I expect to sell my income property in Sept and to put the
i expect to sell my income property in Sept and to put the entire proceeds with a QI and then put $300k of the $500k capital gain into 1031 DST(s) in Jan/Feb of 2019. I also want to take $100k (of tne… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
Owner
Master's Degree
1 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
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need help calculating my term capital gain tax from a 1031
I need help calculating my long term capital gain tax from a 1031 exchange. I sold a property with and adjusted basis of 150,000 with a 80,000 loan for 300,000. Cost of sale was 25,000.( commissions e… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I sold a apartment building for approximately 2.3 million
i sold a apartment building for approximately 2.3 million dollars. I netted after expenses 2.1 million. I took 650k and purchased another rental (1031 like kind exchange) My questions are as follows: … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We are in the restaurant business, and plan to sell some of
We are in the restaurant business, and plan to sell some of the assets (one restaurant located in NC including all of the furnitures, utensils, etc) valued at $2M, in exchange for a 10% interest in a … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
TAX question: Lets say you buy an investment property for
TAX question: Let's say you buy an investment property for $1M, $500k of which is from the sale of a previous investment property pursuant to a 1031 exchange. Then let's say you sell that property for… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Laura gives up office equipment purchased in May 2007 (adjusted
Laura gives up office equipment purchased in May 2007 (adjusted basis $20,000; fair market value $17,000) in exchange for new office equipment (fair market value $15,000) and $2,000 cash. a) What is L… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
QUESTION REGARDS XXXXX XXXXX 1031 TAX DEFERRED REAL ESTATE EXCHANGE Is
QUESTION REGARDS XXXXX XXXXX 1031 TAX DEFERRED REAL ESTATE EXCHANGE Is the following possible as a qualified 1031 exchange scenario? Commercial Property A is free and clear (except for) a $10K note in… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,363 satisfied customers
IF I sell a property in New York city and my profit is 189,000
IF I sell a property in New York city and my profit is 189,000 how can I invest it to reduce Capital gains tax as much as possible?… read more
Richard
Richard
Tax Attorney
Doctoral Degree
57,430 satisfied customers
We inherited a large piece of land in1997 the will was in
We inherited a large piece of land in1997 the will was in probate 10 years the propert was then deed to us in 1996. We wish to sell the property and have an offer of 1.5 million what will be the amoun… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
About 1 year ago I purchased a mobile home for my Mother to
About 1 year ago I purchased a mobile home for my Mother to live in in a senior park. I payed $75K for it cash before I could move my Mother into it she passed away so I put it up for sale and had to … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a tract of land on my books that cost $562,000.I ...
I have a tract of land on my books that cost $562,000.I gave it up for a tract of land with a FMV of $629,908 in a Reverse Section 1031 transaction. What entries do I make on my books and how do I rep… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Ive depreciated a new business jet to zero after 5
I've depreciated a new business jet to zero after 5 years and done a 1031 exchange into like value ($1.65 mil) jet. 1) Do I have a new depreciation schedule starting with a $1.65 mil basis? 2) If I se… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
My girl friends parents want to sell us their rental house ...
My girl friends parents want to sell us their rental house for 368,000, I hade it appraise for 460,000. This make 368,000 80% of the value. I did this so they could give us a 20% gift of equity. They … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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