Question - what if you have an FHA loan on a multifamily you're house hacking. Does that count as an investment property for purposes of a 1031 exchange, or would you have to first move out, rent out the unit you were in, and/or refinance into a conventional loan?
You don’t need to 1031 if it’s your primary residence and you’ve lived there 2 out of the last 5 years because there’s no capital gains anyway. Just sell it and buy your new property.
I'm reading this as possible but I would be more hesitant if the commercial property had no residential. I have an office or small store attached to a 1 unit house. I would double check with the IRS .
Need your advice, I own a mobile home on Permanent foundation on land that I Refi and pull money Want to know what could be a good move, sub divide and install other MH Or just install and refi again for sub divide later
Hi! 🎉 I was deeded (gift) a house 2 months ago, it’s a rental. Would I be able to sell it now and move all the money into a life insurance policy I can pull from to avoid capital gains?
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Question - what if you have an FHA loan on a multifamily you're house hacking. Does that count as an investment property for purposes of a 1031 exchange, or would you have to first move out, rent out the unit you were in, and/or refinance into a conventional loan?
If you are living there as primary residence, you probably need to move out first. That is an opinion, not fact so I would double check with others.
You have to have rented it out for 1 yr or more that's my understanding when I did mine
So what happens to the difference because there would be more funds ???wouldn't that be considered capital gains 😂 ns be taxed
You don’t need to 1031 if it’s your primary residence and you’ve lived there 2 out of the last 5 years because there’s no capital gains anyway. Just sell it and buy your new property.
Can you 1031 exchange a residential investment property to a commercial property?
I'm reading this as possible but I would be more hesitant if the commercial property had no residential. I have an office or small store attached to a 1 unit house. I would double check with the IRS
.
Need your advice, I own a mobile home on Permanent foundation on land that I Refi and pull money
Want to know what could be a good move, sub divide and install other MH
Or just install and refi again for sub divide later
Hi! 🎉 I was deeded (gift) a house 2 months ago, it’s a rental. Would I be able to sell it now and move all the money into a life insurance policy I can pull from to avoid capital gains?
Whoa he went from black and white to color. What?