My husband and I recently became interested in real estate investing as a form of tax relief.

This go around, he has 3 hired maintenance guys and an accountant that should take relief out of the daily happenings.

A landlord shall be liable to a tenant in a civil action for treble damages plus the tenant’s attorney fees and costs, and any other appropriate legal or equitable relief, if: (1) the landlord serves the tenant with notice alleging the landlord seeks to personally occupy the rental premises under subsection g. of 46A:15-1, after which the tenant vacates the rental premises and the landlord arbitrarily fails to personally occupy the rental premises or to effectuate a contract of sale for the rental premises within six months, but instead permits personal occupancy of the premises by another tenant or registration or conversion of the premises by the Department pursuant to The Planned Real Estate Development Full Disclosure Act, N.J.S. 45:22A-21 et seq.; or (2) the landlord who is a purchaser of the rental premises pursuant to a contract that requires the tenant to vacate in accordance with subsection g. of 46A:15-1, after which time the tenant vacates the rental premises, thereafter arbitrarily fails to personally occupy the rental premises within six months, but instead permits personal occupancy of the premises by another tenant or registration of conversion of the premises by the Department pursuant to The Planned Real Estate Development Full Disclosure Act, N.J.S. et seq.; or 

I have some concerns about this inquiry being turned into a request for relief but I would probably just counter at $27k, if that is my number, and be done with it.

I have checked into all the issues that you posted about, so thats a relief to know that this company passes all of these boxes for a true turnkey company.

@Michelle R.As you could imagine, with a 180 day period to close (half a year), this situation would likely pop up a lot.First, be sure to talk with a tax advisor / CPA that knows your whole picture before you make any decisions (as there may be something I'm missing from your post).But generally, if your funds in 2017 went to a qualified intermediary, and you had the full intention and ability to complete a 1031 exchange before the applicable deadlines, but weren't able to complete- the sale could be treated as an installment sale, and taxed in the year you received the proceeds (2018) from the qualified intermediary (when they paid you back the money they were holding).Now- if you had any gain due to debt relief, or had any depreciation recapture, this would generally be taxed in the year of the sale.I'd recommend hashing this out with your tax advisor/CPA as amending your return after the filing deadline if you end up owing more tax could cause you to incur some interest and penalties.

"The Mortgage Forgiveness Debt Relief Act of 2007 " is what I was referring to.

The appeals process is unlikely to go quickly and you will most likely get some relief in a year or two.

. $100,000 x 4% (owner occupied) = $4,000 Assessment$4,000 x .260 (district millage rate) = $1,020 Tax amount$4,000 x .130 (district millage discount) = $510 property tax relief$1,020 Tax amount - $510 property tax relief = $510 Property tax for owner occupant.$100,000 taxable value$100,000 x 6% (Non-owner occupied) = $6,000 Assessment$6,000 x .260 (district millage rate) = $1,530 Tax amount for Non-owner occupied

This last tax season they both went all the way through the process with various properties and got minimal relief.