- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Selling a Rental Properties 1031 Question
Posted on 5/11/21 at 7:47 am
Posted on 5/11/21 at 7:47 am
I am attempting to sell a rental property. I do not want to be a landlord, but I do not want to pay capital gains taxes. Can we sell the rental homes and our primary residence and use all the money to buy a future home under the 1031? Can I re-invest into something else to avoid the taxes?
4
Posted on 5/11/21 at 10:19 am to MamboMilly
In short, not as you described. “The IRS states that the relinquished property (property being sold) and the replacement property (property being bought) must be like-kind. Generally speaking, any type of investment property type may qualify for an exchange, except your primary residence.”
I suggest that you read at least an overview about 1031 exchanges, and then consult a qualified CPA.
I suggest that you read at least an overview about 1031 exchanges, and then consult a qualified CPA.
Posted on 5/11/21 at 10:21 am to MamboMilly
quote:
I do not want to be a landlord, but I do not want to pay capital gains taxes.
Either get a PM company to do it for you, or pay the capital gains.
Posted on 5/11/21 at 2:16 pm to MamboMilly
Where are the properties?
Posted on 5/11/21 at 9:54 pm to MamboMilly
You will need to forget the idea of taking the rental gains and rolling them into a primary with the 1031. Not happening.
If it were me, with interest rates where they are, I’d roll the investment property into investment timber land/hunting land and lease it to a Company or club. You won’t have any upkeep and that’s about as good as you will get without paying the gains
If it were me, with interest rates where they are, I’d roll the investment property into investment timber land/hunting land and lease it to a Company or club. You won’t have any upkeep and that’s about as good as you will get without paying the gains
Posted on 5/11/21 at 10:39 pm to Mr.Perfect
quote:This.
If it were me, with interest rates where they are, I’d roll the investment property into investment timber land/hunting land
However, correct me if I’m wrong, depreciation recapture would come into affect here since you can’t depreciate land, correct?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News