Land Contract Tax Consequences for Sellers and how to 1031 Exchg
Hoping a CPA or another person can provide some insight and definitive answers when it comes to land contracts, and tax consequences when selling real estate on land contract.
Also, if an asset is held for under a year prior to selling on land contract, will this have different consequences than if the asset is held over a year?
Are there ways in which to structure land contracts to further benefit the seller, when it comes to taxes. e.g. an "installment land contract", a "lease with a purchase options", etc.
Lastly, is it possible, and if so, how would one take advantage of a 1031 exchange if selling an asset through a land contract?
Much appreciated in advance to those who share information and resources, particularly beyond "talk to your CPA". I certainly will do this, but hoping to gather general information that may be enough to decide going with a land contract vs. traditional sale.
Thanks!