All Forum Posts by: Jeff Nash

I am not sure if her health condition is purely physical or if it's adversely affecting her mental faculties, but if you have a strong relationship and rapport you can have a candid and open conversation about your intentions and demonstrate any way you can help (through deeds, financial support, etc).  I don't know the severity of the situation and if you are talking about final stage renal failure and how much time she technically has left.  If you want to do anything that can be enforceable and not be contested later I would definitely seek legal counsel if you start the conversation and process.  Do you know if she has an estate plan in place?  I think the options are plenty and it's just a matter of open communication during a difficult time that might be awkward and unpleasant and should include her beneficiaries and executor of her estate. 

I assume even though the siblings don't want the rental they would want to receive their equitable share of the fair market value after an eventual sale and would not be so generous as to accept a purely bargain purchase.

 

   

David, you can look here - https://www.biggerpockets.com/....

I'll connect with you as well.

Rahni, in my opinion your best option generally is to avoid the tax hit (assuming your relinquished property has appreciated and there is some depreciation recapture) and have the maximum net proceeds available to be rolled into one or more replacement properties. This can be achieved with a 1031 exchange. You'll incur the typical closing and selling costs like with any real estate transaction, but that is the cost of doing business. The main drawback of a 1031 exchange is the 45 day rule and having to identify the replacement properties, but if you are diligent and plan properly that is usually not too big of an impediment and can work depending on how motivated you are. If you really want to invest in hard assets upon a sale that is an option and happens more frequently, but if you want to just take a more passive approach and are primarily motivated to lower your tax bill and get passive income you can also opt for a Delaware Statutory Trust (DST).

I’ve just addressed some highlights here as this 1031 option usually involves a 20-30 minute discussion with a qualified intermediary (QI) to ensure this is the best option for you based on your own goals and objectives.  @Whitney Nash (my wife) is a 1031 QI and goes through the entire process with the qualifying Q&A upfront and works directly with all necessary parties involved (typically title companies, lenders, realtors, tax professionals, attorneys, etc) from start to finish. Hope this information helps to some degree.

@Denver McClure would be someone to speak too.  There are several variables and it would be necessary to understand your overall financial position and goals.  

@Denver McClure might be someone to chat with over these considerations.  

I’d be happy to chat with you and will connect.  @Denver McClure would be a good resource too. 

Daniel, I might be able to help if I a more complete picture of your situation.  I'll connect.

Check with @Stanley J Black on this.

@Denver McClure and I can help in a few capacities.  

@Michael L. that might benefit you if you are a professional trader and have trader tax status so you would be able to deduct losses that would be regarded as ordinary rather than capital. This takes some planning, and just like Real Estate Professional status in real estate it takes a certain level of commitment of time and trading activity.  I don’t know what your background is and if it would be feasible or not but that’s my 2 cents. I help clients in this area.