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E ND | 1031 exchange is a great tool if you're trying to grow your portfolio but not really an option if you're trying to cash out/pay down other debt.
Depending on your situation you'll pay 15 or 20% on the long term capital gains. No idea how they handle a situation like this though where there wasn't an appraisal or sale transaction at the time it was inherited. Do they have a way to establish that basis retroactively or do you have to use the last transaction ($100k) as the basis?
Would it even matter? It would be a case of being taxed then on the stepped up basis or taxed now on the capital gains at time of sale right? | |
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What to expect when reselling a property for a profit????
