Taxes on selling properties for the same amount I bought them for
hi, I bought three properties 1+ years ago through a turn key company. It hasn’t worked out as I’ve liked so the turn key provider offered to buy them back from me for the same amount that I bought them for.
This actually sounds good as I could use some if it to pay off some debts and then reinvest the rest.
My main concern, though, is taxes. Since I’d be selling them for the same amount I paid for them, would I have any taxes to pay? Would I need to reinvest all of it in order to dodge taxes? Could I keep some if it to payoff some debts and then reinvest the rest without paying taxes?
Basically I want to minimize my tax burden or not have any taxes to pay at all if possible. Thoughts? I’m waiting to hear back from my CPA but it’s his busy time rohot now so haven’t heard back yet so figured I’d ask here.