All Forum Posts by: Colby Shelhorse

@Brian Boyd I appreciate your post on how depreciation recapture works but what I am asking is when you defer taxes with a 1031 exchange to another property do those taxes transfer to the new property to be paid at a later date? Or is the slate wiped clean and you start at 0 with the new property?

Let's say I sell a property that I have owned for 10 years and then use the 1031 Exchange method and buy another property of the same type. Does this method wipe away all depreciation recapture taxes for the property that was sold and you start new with the new property or does the recapture tax just get deferred down the line until you sell without doing a 1031?

I am looking at a REO property that has been on the market over 100 days. The listing agent for the bank has been contacted and has notified me that there is a mold problem in the basement. They say that it would cost $8000 to remove. In past experience is this over exaggerated? Is there a special process for removing mold or can it been done by an individual? I don't want to miss out on a possible deal just because a realtor says it cost this much. Also on the resale end would I have to prove that mold was remediated in some way? Thanks for your help.

I currently work a W2 job and they are offering a Health Saving Insurance plan starting in September 1st. I am going to close on the sell of a property with a good amount of profit around August 15th. My question is can I take money from this deal and put it into my Health Savings account at my W2 job to avoid paying taxes on that money?

I have a question about taxes in Virginia. If I flip a property in Virginia in less than a year I know that I will have to pay capital gains tax on the federal and income tax for the state. My question is will I have to pay self employment tax such as medicare and social security on my profits? Could someone give me the breakdown of taxes they paid on a flip in Virginia?

I am looking for advice on where to buy pre-hung doors that will fit a doublewide mobile home. The interior walls are framed with 2x3 lumber and the existing door slab is 78" tall. Is there anywhere I can buy a door and frame to fit these openings? It doesn't have to have the molding included. Or do I need to recreate these door frames from scratch? Thanks

I am looking for advice on where to buy pre-hung doors that will fit a doublewide mobile home. The interior walls are framed with 2x3 lumber and the existing door slab is 78" tall. Is there anywhere I can buy a door and frame to fit these openings? It doesn't have to have the molding included. Or do I need to recreate these door frames from scratch? Thanks

When the Secretary of housing and urban development (HUD) takes over a property, how long does it take them to post the property on the site for bidding?