Looking To Consolidate
Due to recent jobs constraints I am thinking of selling off 2-3 of my multi-family houses and use the proceeds to payoff a house that is "Technically" owned by my father and wife. The big hurdle is how to do this without having to pay capital gains.
I could possibly get 250k-300k which would payoff the outstanding mortgage on the other house.
Can anyone offer some suggestions? I am not sure if it will follow the rules of a 1031 exchange.
Thanks,
Robert
how long have you had the properties? Are you holding them in your name, company name, other? Are you getting/reporting rental income?
I have had one for 5 years and the other for 4 years. They were just transfered into an LLC last year, but the mortgages are obviously in my name.
What are you thinking?
Robert
Sorry forgot the last question.
They are rented and currently generating decent money. Depending on the total year it may be fully reported.
bump
Is this the correct forum for this topic? Does anyone have information in this arena?
check out ira lending on google
Donnie