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I have a section 1031 tax calculation question, but first,
Hi, I have a section 1031 tax calculation question, but first, some background: My mother lives in PA and is executing a like/kind exchange this year. The relinguished property is in PA which, as I un… read more
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I have a client with a 1031 exchange. She sold second home to daughter and son in law that they had been renting to them and also gifted $100,000 in equity. The replacement property had a $78,000 less… read more
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On a form 8824, 1031 exchange, line 15 - the net cash
On a form 8824, 1031 exchange, line 15 - the net cash received on the closing escrow is $150,000 - the taxpayer used part of the proceeds to pay off the existing loan of $400,000 and the net amount of… read more
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About how much capital gains taxes do I owe if I sold two properties for $590,000, placed the cash from the sale into a 1031 exchange (about $310,000), then bought 2 investment properties for $336,000… read more
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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
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I own two homes. I am selling my non principal residence. It
I own two homes. I am selling my non principal residence. It is an old house that I inherited in the 1960's. I am concerned about the tax liability because the market value of the house has increased … read more
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I sold a lot that given to me and my wife .we put the money
I sold a lot that given to me and my wife .we put the money in a 1031 and bought rent housing if I sell the what would be my taxs… read more
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My parents have recently sold a property and set up a 1031
My parents have recently sold a property and set up a 1031 exchange with $1,176,000 in it. My understanding is that we can buy a property together so long as they are on title for the amount of the ex… read more
Lane
Lane
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I am considering doing a 1031 for a property that I am selling
I am considering doing a 1031 for a property that I am selling and carrying the note on for the buyer. Here's the details: Purchase Price: 115,000 Carryback: 95,000 Interest Rate 6% 10 year loan. I pu… read more
R. Klein, EA
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I bought a condo 4 years ago and rented it out. It cost me
I bought a condo 4 years ago and rented it out. It cost me 300,000, and I put down 100,000 initially. I have sold it for 350,000, and the sales commissions were 18,000. I've never depreciated the cond… read more
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I moved out of my house October 1, 2007 and started to rent
I moved out of my house October 1, 2007 and started to rent it at that time. I went in on another property 1/2 with another couple. The couple are on the loan and I am not, but I am shown on the title… read more
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I am currently renting out a condo I used to live in. I've been taking a pretty big loss every month, and my current tenant is planning to move out at the end of next month. So I'm thinking of doing a… read more
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If I sold an investment property under a 1031 tax exchange
If I sold an investment property under a 1031 tax exchange and purchased two additonal properities with the proceeds how do I allocated the capital gains and what is the basis in the new properities f… read more
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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
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I purchased at a minimum cost land from my sister, that has
I purchased at a minimum cost land from my sister, that has been in our family for generations in 1992. It is 54 acres. I am now selling it to my sister since I realize that I am not going to ever be … read more
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Just sold my home in the UK, which wasnt deemed as my primary
Just sold my home in the UK, which wasnt deemed as my primary residence here in the US. I havent lived there for 3 of last 5 years. Therefore I have to pay capital gains on the profit. If I reinvest t… read more
Lev
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I bought a second house in 1999 for 75,000 in the same town
I bought a second house in 1999 for 75,000 in the same town that I live in.My in laws live in it and pay rent which is less than the mortgage.I don't make anything,but my wife's parents are close and … read more
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