Newbie Investor Needs help on 1031 Exchange
Good Evening BP Community.
First of all thank you so much for all the information you guys provide on here, is really awesome!
I am puzzled as to what my options are or on how my exchange would work?
One of my properties
It costed me 215k (Bought it in Utah around 2015) it is now selling for 290k (So about 75k profit minus real estate fees commission etc) i owe about 198k on the home so is about 92k before expenses
I have about 30k in savings, plus cashing out on this property, I am planing to acquire 4 rental properties in Indianapolis in the range of 50-75k a piece, my question is how can i not pay taxes on my profit. is it by buying properties equaling to more than the sale price of my home? is that how it works??
Thanks so much for all your help!
Oscar