Had a quick question about selling rental properties.
I'm aware of using a 1031 exchange to reinvest capital/profit from rental properties into new rental properties to avoid taxes. However the timing and restrictions of the 1031 exchange might not work well in my situation.
I own 3 properties and have a sales agreement on 1 - scheduled to close in July. One of the 2 unsold properties still has a mortgage - does anyone know if I can use the profit/capital from the one being sold in July to pay off the mortgage on the one with the mortgage to avoid paying taxes?
In essence would this be a way to just move my capital within my current investments?
I'm aware of using a 1031 exchange to reinvest capital/profit from rental properties into new rental properties to avoid taxes. However the timing and restrictions of the 1031 exchange might not work well in my situation.
I own 3 properties and have a sales agreement on 1 - scheduled to close in July. One of the 2 unsold properties still has a mortgage - does anyone know if I can use the profit/capital from the one being sold in July to pay off the mortgage on the one with the mortgage to avoid paying taxes?
In essence would this be a way to just move my capital within my current investments?
Aucun commentaire:
Enregistrer un commentaire