All Forum Posts by: Nikola Kiridzic
Nikola Kiridzic has started 1 posts and replied 2 times.
Post: First time investor about to do a 1031 exchange with 2.2 million...Help!
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Quote from @Bill Exeter:
Hi Nikola,
You mention that you inherited the property. Have you discussed the 1031 Exchange with your tax advisor? You may not need to do a 1031 Exchange if you received a step-up in cost basis. So, first thing is to determine if you need to do one.
Apologies, Bill. I didn't provide enough context earlier. The property is not legally transferred to my name as my father is still alive, so a 1031 exchange would be necessary.
Post: First time investor about to do a 1031 exchange with 2.2 million...Help!
- Posts 2
- Votes 1
Greetings, I'm Nick. I inherited an auto repair business and property in Long Island City, NY. However, I'm not interested in running or maintaining the business. I'm currently in the process of selling the property and anticipate completion within the next six months. Although the property is valued between 2.6-2.9 million, I'm planning for 2.2 million. I'm seeking advice on investing this sum promptly, as I have limited experience in real estate. I'm open to collaborating with interested parties who can provide guidance or work with me on this venture.