Exchange questions and advice please - Posted by Nancy(NC)
Posted by Nancy(NC) on October 13, 1998 at 19:16:17:
My husband and I are doing a 1031 tax free exchange
hopefully on some property we own. I have talked with
my CPA and took a real estate course (update for license)
in 1031 tax free exchanges so think I understand enough
but have some other questions. When the time comes, I’ll go
to atty. who does these and also consult my CPA again.
My questions are more with strategy instead of process.
We should get about $50,000. we will need to use toward
other properties. I want to buy as many as we can with
as little down as possible but am worried about the time
If we buy property to flip, can we do that or will we
have to do exchanges each time we sell something? Is
it better to buy fewer rather than more properties and
put more down? Should we use other money to do flips
that we don’t declare and just count as income?
I would welcome any advice on this post.