All Forum Posts by: Matt Geiger

I always ask forgiveness and never permission.  Thank you for the insight.  Plus I have a good case to back up my intent

Thank you Dave.  I spoke with a CPA on here and he echoes the same.  My intent was to actually keep it as a short-term rental and hold it for a few years.  I have some documentation and some different seminars and other receipts that shows the intent of my aspirations to go with a short-term rental.  On the flip side we figured my tax bill is probably going to be between 10 to $15,000 so is it worth doing a 1031 exchange to save that much and possibly get hit with fines and interest in the future

I think I am ok with not doing a 1031 exchange if I sell it. I am more concerned if I qualify for long term capital gains. It was purchased with a second home convential loan (vacation home). I have stayed here for many weeks through out the year doing work or just hanging around while contractors have been doing some projects. I have used the resort community amentities many times so I have actually used it like a vacation home. It was not intended to be a flip. The intent was to make it a STR and use it around a week or two out of the year

I planned to make it a str but market conditions changed and the rehab took longer than expected

Thank you that is exactly what I understood about the 1031 exchange rule.  I had since conflicting info that I thought was incorrect.  I will be in the long term capital gains now so I'll pay my taxes and anyone t with my profits and move to the next one

I bought a second property with a conventional loan and I have spent the last year rehabbing it.  I have never rented it out and plan on flipping it.  Would I be able to do 1031 exchange on this property since it was never a rental and I've only owned it 14 months?