All Forum Posts by: Jim Giordani

Hi,

My brother and I inherited a property income from my grandmother in late 2011. She lived there and we grew up there as well. It was put into a living trust with my brother as the executor. We have had it managed by a property management company...not really making a lot of money off of it because we put the proceeds into a ton of deferred maintenance.

Well we are selling it and it will close escrow on nov 1st and the selling price is 750,000. My question is can I take my half (around 300,00 after mortgage/fees) and use it to buy a car, put some into savings, and the rest into buying a single family home without getting taxed. I'm not sure if there is a certain amount that doesn't get taxed or will all of it get taxed? I'm in California btw. My brother says I have to do a 1031 exchange or I will get screwed with the taxes. Does anyone know if this is true or is there some loop hole or inheritance allowance? Any help would be much appreciated! Thanks

Jim