Closing day #1: June 27th
Submitted by The Landlord on June 22, 2005 – 10:15 amNo Comment
Why a 1031? Because you don’t get socked with capital gains on an investment property is the quick answer, which is usually followed up with, but you don’t get hit with capital gains if you take the $250k deduction ($500k if married). Which is entirely true, if you’re selling your primary residence, if you’re selling an investment property (rental), then the 1031 becomes much more appealing.
Today is closing day on the property that’s going to be funding a decent percentage of the multifamily that I’m purchasing (hopefully, closing on shortly). Chances are, I’ll need a drink to two after everything is said and done today, unless closing on the new property actually takes place this coming Monday.
