All Forum Posts by: Tim Mospanyuk

@Dave Foster I see, I appreciate your explanation and time! I will try to negotiate owner financing on this property I would like to purchase and see if I can wait another 1.5 years to sell this one.  I may even rent it for a year to make it qualify for a 10-31 exchange. Thanks Dave!

@Lauren Speidel I did have an intent to rent the property and hold it for appreciation but I have this opportunity to buy a great deal, due to limited resources, my plan was to sell my primary and invest it into this home. So given this information I still would not qualify for a 10-31? 

Thank you everyone for the valuable advice. 

@Dave Foster

@Dave Foster, If I sell my primary residence i've lived in now for six months, and use half the gains as a down payment for this house of greater value, then I would need to pay tax on the the amount I used as a down payment? Im planning to buy this property as a buy and hold. 

@Lauren Speidel

Hello, I’m a little situation here and I’d greatly appreciate some advice. I bought and lived in a property for 6 months while renovating it. It was purchased for 200,000 and I believe I can sell for 290,000 or so. If I sold it, can I keep 50% of the gains to pay off some debt accumulated from the renovation and use the other half on a down payment for a larger property? If so, would it be possible to 10-31 exchange that half to differ taxes? Thank you!!