All Forum Posts by: Ross Shively
Ross Shively has started 2 posts and replied 5 times.
Post: Qualified Opportunity Zone Tax Defferal
- Posts 5
- Votes 2
Thank you all for your input.
Post: Qualified Opportunity Zone Tax Defferal
- Posts 5
- Votes 2
Has anyone delt with the workings of the QOZ investments? I have a property that I bought in 2015 that is designated in a QOZ. I am trying to read through all the tax words and understand. Am I reading it right when it says you have to have purchased the property after Dec 1017?
So, there is really no way to get out of the taxes at all. Thanks for all the comments.
So, the only way to avoid Taxes on an investment property would be to move back in and live there for 2 years? If it is a primary residence you will not have to pay taxes on up to 250k in profit single, 500k married. Would you pay back the depreciation if you turned it into a primary residence and sold?
I have a property that I have had for 10 years. It has increased about 150k in value and I have captured depreciation on it for 8 years. If I pay capital gains on the 150k and the depreciation pay back it will take more of the profit than I want right now. Does anyone know if I can do a 1031 exchanged then after all has settled with escrow sell that property at value having never captured depreciation and not have to pay any taxes?