Posted by Ed Garcia on January 15, 2001 at 12:31:30:
Robert,
A good place for you to find out information on a 1031exchange is at http://www.1031X.com/
Go to the ask us questions on the site.
Ed Garcia
1031 exchange help?? - Posted by Robert MI
Posted by Robert MI on January 15, 2001 at 12:17:03:
can anyone give me the quick in’s and out of the 1031 exchange.
-
I bought a rental for 20,400 in 1998.
-
it appraised for $115,000 in 2000.
-
took 27,000 to get it in great shape (I lived in it for a short time and made it way to nice for a rental)
4.it has a mortgage for $37,000
-
I would like to sell it and roll the money into a new duplex.
-
how would a 1031 benefit me?
thanks and see you at the convention.
Robert mi.
Re: 1031 exchange help?? - Posted by Bud Branstetter
Posted by Bud Branstetter on January 15, 2001 at 15:52:40:
With a purchase price of 20.4K and a 27K fix up added to you basis plus closing costs and costs of the loan you could be looking at 65K of gain. Debt relief is figured in in an exchange but you may have more debt. If you did not cash out you could do an installment sale and spead the tax out. You also need to look at the lenght of time you lived there and if you could claim the exclusion from tax gain on your home. Start with your tax advisor to explore your effects each way.
Re: 1031 exchange help?? - Posted by dewCO
Posted by dewCO on January 15, 2001 at 14:09:48:
Needs to be an iinvestment property to do 1031 exchanges. Check carefully as to what affect if any your having living in it, if any will have on your ability to use this. If your property qualifies, your benefit is your taxable consequence is deferred it totally deferred. Note, the part where you have so many days to identify a replacement property, if you qualify. Best to get it identified FIRST, so you don’t run out of time.