All Forum Posts by: Fletcher Caulk

I sold a primary residence this year and am not subject to capital gains taxes. Am I able to deduct expenses from selling the home such as realtor admin fees, advertising costs?

I am looking for a student rental property in Athens, GA. A friend is about to go there for law school and we want to take advantage of him being there to find and stand it up. I'm looking for a property manager in town, does anyone have any recommendations?

Haha, sorry Michael. I bought the property in August 2014 and lived there until June 2016. I rented it out from June 2016 until June 2018.

Thank you so much! 

Thanks Michael and Brian! And yes Michael, it's my investment property in LA. 

One follow up question my title company just asked me: the reason I moved from that home is because of military orders, and I only lived there for about a year and a half. I read IRA pub 523 and my takeaway is that the I do not qualify for the primary residence exception (the '2 years living there in last 5 years' clause) because I didn't live there for 2 years total at any point. The exception seems only to apply to how recent you would have lived there, and that you'd have to live there for at least 2 years no matter when.

That would mean I still do need to do a 1031 to avoid paying taxes. 

Did I get that right? 

Apologies for the basic question, but I haven't been able to find a clear answer online.

I'm selling my home and doing a 1031 exchange, and am filing a California Form 593-E (Real Estate Withholding -- Computation of Gain or Loss). For 'suspended passive activity loss', is this the same as "unallowed loss' on my federal tax return?

I'm selling a property in Los Angeles in ~July and am looking for multifamily properties in Birmingham, AL in the $400-450k price range. Can anyone recommend a good realtor / broker, lender, and/or property manager?

Ah good point of clarification on the gain vs equity. It was a VA loan so it's mostly gain, small amount of loan paydown.

@Brian Schmelzlen Thanks for the insight into the current tax bill and depreciation recapture!

@Dave Foster Definitely not looking to do anything illegal, so thanks for highlighting that important detail. 

Also thanks for the idea of incentivizing the buyer, will definitely do something like that!

I bought a townhome with a VA loan in August 2014 and our renters took over in June 2016. We are considering selling this summer, and I am wondering if we can leave the unit empty for two months so we can take credit for living there for 2 years and avoid capital gains taxes. We would not be living there during these two months. Is this legal?

It would cost us about $6k, but that seems worth it to gain flexibility in not having to go through the 1031 constraints. Our equity is about $200k, so we definitely want to avoid a tax bill.