Rental Property Exchange Question - Landlord Forum thread 351717

Rental Property Exchange Question by Anonymous (Washington ) on April 17, 2017 @21:57

I have several rental properties.

I know you can sell a rental property and if you invest in another rental property I do not have to pay income taxes.

Can I sell one property and use all the money from the sale of that property towards paying off the mortgage on another already owned rental property to avoid paying taxes? OR does it have to be a NEW piece of property?

I look forward to any advice you may have.

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Re: Rental Property Exchange Question by Anonymous on April 18, 2017 @01:25	[ Reply ]

You're talking about 1031 exchange. And, no, paying off a mortgage does not qualify.

Re: Rental Property Exchange Question by Jeffrey Brown (ME) on May 2, 2017 @01:58	[ Reply ]

This is a matter related to real estate and property. I think a real estate professional or a real estate lawyer can give you the best advice regarding this matter. Recently, my colleague contacted the lawyer Bechara Tarabay for solving her real estate issues. He can provide you with the best solution. I hope this helps.

Re: Rental Property Exchange Question by anon (ca) on May 9, 2017 @16:40	[ Reply ]

You can roll the profit into a NEW property, not an existing one or to pay bills.