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I am wanting to sell my poultry farm for 995,00 it includes
I am wanting to sell my poultry farm for 995,00 it includes property, house, and poultry houses in Alabama. I want to reinvest in some timberland worth about 130k to 150k. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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For section 1244 stock loss: For an S corporation, do
For section 1244 stock loss: For an S corporation, do multiple stock purchases for cash count for determining the loss on sale or only the initial stock purchased when the corporation is first organiz… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
A person wants to do a PARTIAL 1031 exchange. He purchased
A person wants to do a PARTIAL 1031 exchange. He purchased the commercial building for 100k. he depreciated 20k over the years and made no new improvements. He sells for 400k.But only reinvests 150k i… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,940 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
8,382 satisfied customers
Stephen,An owner sold his warehouse .5 million dollar. The
Hello Stephen,An owner sold his warehouse for 3.5 million dollar. The whole amount was placed under Section 1031. He bought some replacement properties within the 90 days allowed and the closing on th… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,940 satisfied customers
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC FOR A LARGE GAIN. PURCHASED ANOTHER RENTAL IN A SECTION 1031 EXCHANGE AND NEED SOME HELP IN ACCOUNTING FOR IT… read more
Tax-Scholar
Tax-Scholar
Manager
Bachelor's Degree
124 satisfied customers
My ex owns a house he inherited in 1994 for $650,000. In
My ex owns a house he inherited in 1994 for $650,000. In california. He wants to sell it now for $5.3 million & do 1031 exchange for several properties & eventually give them to our 2 kids. He owes me… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,989 satisfied customers
Does homeowner have any sort of writeoff, whether ordinary
Does homeowner have any sort of writeoff, whether ordinary income or cap gains for it's $1.2m cost? Homeowner buys home for $1.2 million in cash (as primary residence) and borrows $600K against it for… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
$180k – purchased 1987 $150k original loan $620k – current
$180k – purchased 1987 $150k original loan $620k – current value (estimate from zillow) $80k - Remaining balance is $20k (original loan) + $60k (equity loan) Questions: 1. What would the capital gains… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have owned a rental property for about 12 years. I plan on
I have owned a rental property for about 12 years. I plan on selling it soon and utilizing the funds for a rental/recreation property. I am planning on using the 1031 exchange so I don't have to pay t… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 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
Tax Advisor
Bachelor's Degree Equivalent
33,989 satisfied customers
Im selling a piece of property for $3 million and doing a
I'm selling a piece of property for $3 million and doing a 1031 exchange. I'm letting an exchange company hold all the money. I've identified the property (within 45 days) and purchased it on the 45th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,940 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
1. Edna owns 28 acres of land in the Virginia suburbs of Washington,
1. Edna owns 28 acres of land in the Virginia suburbs of Washington, D.C., that she has held for investment purposes. She originally purchased the land in 2005 for $1.4 million and it is now worth $1.… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
Using 1031 exchange funds in 2006 I purchased a 50% share in
Using 1031 exchange funds in 2006 I purchased a 50% share in a small strip mall as part of a Tenants in Common Agreement. About 6 months ago, I purchased another 15% share in this same mall (from one … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,989 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
I have a client that is 85 years old with a dob of 1/30/23.
I have a client that is 85 years old with a dob of 1/30/23. She is widowed as of several months ago. She is living with her son and only has income from Social Security of $995 per month since the pen… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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