All Forum Posts by: Willie Holdman

In 2022 I sold my home I lived in for over 2 years. I used half the home for business. I took the 250,000 deduction, and used the remaining profits on the home to do a 1031 exchange. I overlooked that I still owed a mortgage on the home that was paid off. I believe it was 360,000. For some reason it never registered that I would be required to pay capitol gains tax on the debt outstanding on the home that was paid off. When I noticed this was when on my tax return it says I owe a substantial amount of capitol gains to the feds and the state. Huge blow! But upon researching, it seems if your income was below 41,675 you don't have to pay capitol gains tax https://www.irs.gov/taxtopics/tc409 What are the stipulations?

Thanks @Brian Eastman for the comments...something to consider.

Thank you. I figured as much but wanted to see if there was a way...

Hi all! I have property in an llc that I would like to put some short term rentals on. The llc owns 40 acres and I'd like to purchase 20 of that for some cabins I'd like to short term rent out. Looking for long term growth with tax advantages. Hence, the solo 401 roth angle. I know you cant purchase property from myself individually but this is in a llc with its own name and all. Is there a way to do this? If not how can I get this idea bringing cash into my solo 401k?