Capital Gains and Reinvesting
Hello! So I have the potential of selling my property and gaining a profit on it. Does anyone know how long a person can hold the profits from the capital gains after the day of sale and what are the parameters for reinvesting the profits, as in does the new property have to have a house on it or can it be just a lot of land? Just curious!
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@Chris Miller How long have you owned? Hopefully more than a year. Did you make income off of it? That will also help. Using a 1031 exchange you can use all profits to buy another property fully leverage (20% down or whatever your bank says is min). However, you can not take any of the profits or hold them yourself. That's where i recommend you talk to @Dave Foster who is a QI and can help make sure your 1031 exchange is a success. What markets are you looking at investing in?