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bob2356
2011 Mar 7, 2:03pm
You managed to accrue 500k tax liability on 1031 exchanges. That's impressive.
2
RecentCost
2019 Sep 12, 12:05pm
bob2356 says
There are private money lenders with less stringent credit requirements that can provide short-term financing to help complete the 1031 exchange. Deferring capital gains is great but you have to pay the tax man at some point.
Did a couple of short sales last year so my credit is in the crapper. Now is a good time to sell because property was recently appraised at 2.6 M. My CPA says because I’ve done so many 1031 exchange loans over the years my tax liability on the sale would be over $500K…I am loathe to do this.
I checked into a few Tenants in common syndicate firms who say I can roll into a 1031 TIC which don’t require good credit. I am promised return rates ranging from 8 to 9 % or more, but I don’t know who to believe.
There are private money lenders with less stringent credit requirements that can provide short-term financing to help complete the 1031 exchange. Deferring capital gains is great but you have to pay the tax man at some point.
I have a specialized RE investment issue I need help with.
I am sole owner of a 72 unit multifamily complex in Texas with a 1.2M loan that’s due in 2015. After expenses income is over 10K/ mo.
Bank is out of refinance business so I won’t get help there.
Did a couple of short sales last year so my credit is in the crapper. Now is a good time to sell because property was recently appraised at 2.6 M. My CPA says because I’ve done so many 1031 exchanges over the years my tax liability on the sale would be over $500K…I am loathe to do this.
I checked into a few Tenants in common syndicate firms who say I can roll into a 1031 TIC which don’t require good credit. I am promised return rates ranging from 8 to 9 % or more, but I don’t know who to believe.
Actually, I’d just like to keep the property with the current 5.2 % loan interest rate.
Does anyone here have any experience with this? Any suggestions?