All Forum Posts by: Jonathan Thomas

Ok I’ve got a confusing question about a 1031. I have two houses one in California worth about $850k I owe $340k on it. Another house in Nebraska worth about $130k paid off.  We lived in the California house until last June when we moved to Nebraska to take care of my in-laws. My daughter who is pregnant is moving to Georgia. We are thinking about buying a house in Georgia to be near them. Do we need to be concern about a 1031? If we sell the California house what are the tax implications?  Would we have to buy a house of equal or greater value to the California one? What if we sold both houses how would the affect the process?

I’m confused

Hello I'm new to bigger pockets and had a question. I have a house that I am renting to my sisters family. They are well off but are in a bind due to trying to sell their old house. they want to rent for a year and then purchase the house. what would be the best way to transfer ownership after the year? should it be a sale quick deed or what? Im trying to help but not lose money also.