Selling my 2nd Home in NYC, anyway to avoid Cap Gain Tax w 1031?
Hello all, I have a 2nd home that I'm in the process of selling in NYC, RIverdale.. Its a Studio Co-op, bought it in 2002 for 62k and should be able to get 130K. Spending 10K in renovations, currently in the middle of Renovations and I have no mortgage.
I made the mistake of not planning ahead and not claiming this Property as my Primary Residence to avoid any Capital Gain Tax, my primary residence is 5 minutes away I should have done it.. I looked into 1031 exchange and I don't believe my property qualifies because it's not Investment Property and the fact that is a Co-op wouldn't make it easy..
IF I have to Pay Capital Gain taxes so be it, but do I have any other Options to avoid paying Capital Gain? Anyone has any suggestions?
I'm an out of State Investor, been investing in NC for the past 2 years. Would love to use the entire Proceeds to purchase something in NC or any other Landlord Friendly state.
Are there any other 1031 variations out there that I can qualify for??
Also if anybody knows of any CPA in NYC with a good Real Estate background and specializes with Out of State investments feel free to recommend?
Thanks,
Raul R