Selling rental, netting less than my initial down payment
Hello all,
Looking for some info. I bought a rental duplex a couple years back. I cashed out refi'd and used the proceeds as a down payment for my current residence.
I'm currently wanting to put my rental on the market but have a couple of question I could have answered in this forum.
If I sell, I will be netting less than my initial down payment.
Should I by pass a 1031 and do a regular sale? And are there any tax implications I should be aware of?
Has anyone been through this, and is there something I should be aware of? I already cashed out a considerable amount for my primary home residence, so as a newbie I wouldn't consider this duplex a bad investment (unless I missed something).
I'm located is SoCal if that helps.