Questions tagged [1031-exchange]

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1031 exchange to buy out another party?

Can a 1031 exchange be used to buy out another owner of a residential rental property? Say two people own one rental house 50/50. There is no assumed business name, LLC or partnership. The deed has ...
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1answer
49 views

Partial 1031 exchange from home sale

My uncle and I are looking at selling a home we own in a trust. He would like to withdraw his portion of the net proceeds via a K1 and I would like to do a 1031 exchange with my portion. Is this ...
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1answer
51 views

Utah, USA - Best Option to Minimize Capital Gains on Real Estate Sale(s)

Scenario I bought a primary residence in Utah on 06/2020 RE in UT boomed (21% for my residence) and I'd like to sell Additionally I have property I've owned since 2007 I'd like to sell while the ...
2
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1answer
137 views

How will my 1031 boot be taxed?

In the USA I'm working on a 1031 exchange. I'm having trouble finding information on how a boot (if I take one) will be taxed. I'm closing on my sale for $700k. I will have a capital gain of $550k. I ...
2
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1answer
49 views

Am I required to select properties I identified in my 45 day 1031 window?

I'll be doing a 1031 exchange. I know that I am required to identify replacement properties within a 45 day window and close within 180 days on a replacement. Am I required to choose one of the ...
1
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1answer
50 views

Can you buy back the property you sold for a 1031 exchange

I am trying to get creative in order to make something work... I have 4 mortgages right now. I want to add a 5th, but it would be a jumbo loan. My lender informed me that adding a jumbo loan cannot be ...
1
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1answer
57 views

Can I remove commissions from my 1031?

In California, let's say I sell a property for $100,000, paying a $6000 commission. Is my 1031 exchange amount $100,000 or $94,000?
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0answers
33 views

How does the tax computed in a 1031 exchange when the new property is worth no more than the equity?

Confused about the 1031 exchange in partial defer... My case is as follows: I got an investment property in Los Angeles, USA which I plan to sell for 850K. I got that property 15 yrs ago for 300K. ...
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0answers
38 views

opportunity zone vs 1031 exchange

From what I read opportunity zones are more flexible. For example, if you have 1M property with 600K loan and you want to replace it with thru 1031, you cannot just go for a 400K property ( which is ...
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2answers
53 views

1031 exchange and cash boot

My question is about 1031 exchange and whether I can get rid of the mortgages from my life once and for all, by investing only with the equity I got? Looks like this great idea is not possible. The ...
4
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1answer
86 views

Which professionals should I work with for a 1031 exchange?

I know what a 1031 exchange is, and it's complex enough to know that I need help with it. The problem is I'm not sure who I need help from. My property I'm selling is about to start escrow and my ...
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2answers
738 views

Sale of a rental property, looking to buy a new house that the seller can't move out of right away

I recently sold my rental property (owned for 5yrs, rented out for the last 3.5yrs) and netted $50k. I am currently under contract to purchase a new house for $55k down that I plan on living in. The ...