Massachusetts; How do I figure out how much I can put toward another single unit investment rental property to make use of the 1031Exchange in my particluar situation described below.
I'm selling an owner occupied two family, and I'm buying a one family as my principal residence.
I'm not thrilled about cutting uncle sam in on my gain on the rental portion at this time.
The rental unit is about 1/3 the square foot area of the entire homes living space.
I've taken depreciation on 50% of the original purchase price due to the rental portion (not including land) for the 20 years I've owned the property.
I've also added a garage, installed all new windows, vinyl siding, and roof to the property over the past 10 - 15 years.
I've also take depreciation on each of these improvements.What is the name of your state?
I'm selling an owner occupied two family, and I'm buying a one family as my principal residence.
I'm not thrilled about cutting uncle sam in on my gain on the rental portion at this time.
The rental unit is about 1/3 the square foot area of the entire homes living space.
I've taken depreciation on 50% of the original purchase price due to the rental portion (not including land) for the 20 years I've owned the property.
I've also added a garage, installed all new windows, vinyl siding, and roof to the property over the past 10 - 15 years.
I've also take depreciation on each of these improvements.What is the name of your state?