Capital gains?

[Texantax]

First off I know I need to consult a CPA. Just asking for advice here. Going to be selling a piece of property I bought 4 years ago. Not my homestead, just raw land that I made improvements on. Can I buy another piece of property with the profits and avoid the taxes or am I just doomed?

[slabnabbin]

Look into a 1031 exchange


Sent from my iPhone using Tapatalk

[bmiller]

1031 exchange. You can defer the taxes this way. There are certain rules that apply, and I’d suggest consulting with an exchange administrator/cpa/attorney who has experience and can guide you through the process. You will have an Identification period post close, and a set time period to close on the new property to qualify. 45 days and 180 days.

[gmac]

First of all I am no expert. But I believe what you are referring to is a 1031 transfer. In that case yes you can transfer capital gains to a new property but there are several stipulations and I am not sure if it is all of it. Like you said talk to a CPA, but yes there is a way to do it

[JLivi1224]

Not sure anyone has mentioned it but I think 1031 is the way to go.

[Quackerbox]

Go talk to Klien financial in Tomball. Ford's are using them for same on their telge/boudreaux property

[SaintBlaise]

You have 6 months after your sale to finalize the 1031.

[Ryan81]

Like everyone else said. 1031 exchange it.


Sent from my iPhone using Tapatalk

[Burnadell]

I’m not a tax expert, but I’m pretty sure you will have to reinvest the whole proceeds in a new property, not just the profits, to get a full deferral.

[armadillophil]

You only have 45 days to identify property you want to buy. That can be the most difficult part or process

[Atfulldraw]

Patrick Noonan or Carl Pikus at IPX 1031 can help you through the process - we are using them right now.

https://www.ipx1031.com/

[texansfan]

Ask your CPA about a 1031 exchange

[Texantax]

Thx all. I believe finding the new property may be the hardest part. The time frame is what concerns me the most.

[hardtner]

Thx all. I believe finding the new property may be the hardest part. The time frame is what concerns me the most.

In that case, you can do a reverse 1031 exchange. More expensive and slightly more complicated. You can buy a property first and then sell yours within 6 months. I’ve done several. Consult a pro.

[Darton]

The 1031 is a great wealth building tool!