All Forum Posts by: Dylan Gomez
Dylan Gomez has started 1 posts and replied 2 times.
Post: Inherited a property and remodeled it now its ready to sell
- Georgia
- Posts 2
- Votes 2
He used it as a rental.
Stopped being a rental Feb 2023.
Became executor Feb 2023. Deed transferred to my name Sep 2023.
Renovations from Nov 2023 - December 2024.
No appraisal done at death.
Post: Inherited a property and remodeled it now its ready to sell
- Georgia
- Posts 2
- Votes 2
I inherited two homes, both were paid off one was livable, and I now live in it, the other was a rental in TERRIBLE condition. When I spoke with a real estate professional, she said the home would probably sell for around $250k in its current condition. I got a HELOC loan on the home for $130k. I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands. I am now working with a realtor and she is saying we could sell it around $380k. What should I be prepared for if I sell? I would love to put my mom into a nicer home in a nicer area would a 1031 exchange make that possible? Im basically looking for advice on how i can save as much on taxes as possible.