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re: Buying a lot by owner and not financing, help
Posted on 4/21/13 at 12:10 pm to GEAUX DJ!
Posted on 4/21/13 at 12:10 pm to GEAUX DJ!
Was the seller holding this property as an investment? does he plan on replacing the property with another investment property? If so, he may be able to defer any capital gains in the property by doing a 1031 exchange.
Sounds like you are doing all the work for him to sell his property. You may advise him to talk to a cpa or real estate attorney to determine, as poodle said, what is basis is and what taxes he may incur.
Sounds like you are doing all the work for him to sell his property. You may advise him to talk to a cpa or real estate attorney to determine, as poodle said, what is basis is and what taxes he may incur.
2
Posted on 4/21/13 at 12:20 pm to NEWBIE
I know it was family land and on the accessors page his dad bought the lot for 30k then donated it to him. So 30K would be the basis.
And no it wasn't an investement property it was gonna be used for his home, hes decided to build elsewhere.
And no it wasn't an investement property it was gonna be used for his home, hes decided to build elsewhere.
This post was edited on 4/21/13 at 12:21 pm
Posted on 4/21/13 at 12:22 pm to NEWBIE
Yeah I feel like I am doing work for him too but its a great deal and I want to make sure it goes through, he just has no idea what he is doing and I wanna help out where I can.
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