Help! Selling Ca Duplexes | Cap Gains strategies - 1031 or No.
I am 2 yrs from retirement and have a SFR rental, a condo, 2 duplexes, (both 3/2's) and a personal residence all in Ca. Rentals are all north of Sacramento and my residence is technically ' sf bay area' but right at the edge of the county. I have investors wanting to go into contract on the duplexes (3/2 ea) but I need to clearly understand what its going to net or if there is a better strategy. I Will be moving out of state at retirement and wanting to roll into a property we will be purchasing for a 'family compound' type of lifestyle out of Ca State with one of my kids that has a large sum to contribute toward acreage with either very large home or 2 homes on 5-10 acres. Was hoping to 1031 the duplexes and 'rent' to the kids. There are mortgages....nothing is free and clear but I want to find the best strategy for my bottom line. I've held the duplexes since 03/04, the SFR and Condo were inherited so step up is involved. Since the new laws on rents.....rents are below as all of my tenants are long term.......no vacancies in 5 yrs.....some as long as 10. Please recommend a good CPA who can consult online or by phone....Not looking for free advice......(get what you pay for) but someone who knows RE strategies, tax law etc. to go over everything with. Who's "the man or Woman" for this? Doesn't need to be local.........just knowlegable.