Looking To Consolidate

Due to recent jobs constraints I am thinking of selling off 2-3 of my multi-family houses and use the proceeds to payoff a house that is "Technically" owned by my father and wife. The big hurdle is how to do this without having to pay capital gains.



I could possibly get 250k-300k which would payoff the outstanding mortgage on the other house.



Can anyone offer some suggestions? I am not sure if it will follow the rules of a 1031 exchange.



Thanks,

Robert

Comments(6)

  • InActive_Account23rd July, 2006

    how long have you had the properties? Are you holding them in your name, company name, other? Are you getting/reporting rental income?

  • Bobe7326th July, 2006

    I have had one for 5 years and the other for 4 years. They were just transfered into an LLC last year, but the mortgages are obviously in my name.

    What are you thinking?

    Robert

  • Bobe7326th July, 2006

    Sorry forgot the last question.

    They are rented and currently generating decent money. Depending on the total year it may be fully reported.

  • stocknre16th March, 2005

    bump

  • stocknre18th March, 2005

    Is this the correct forum for this topic? Does anyone have information in this arena?

  • dfwhite29th July, 2006

    check out ira lending on google

    Donnie

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