Hello all,
I’ve run this by some experts with some great things to think about but wanted to continue gathering feedback. We have a home we’d like to sell this summer (owned 4 years) and use the proceeds to pay down debt. There is probably 90k in capital gains that would be taxed, expected sale price 200k. However, we are considering doing a 1031 exchange. I would prefer to pay down debt then purchase more properties at this particular time, but don’t love the taxation if we just cash out.
Looking for ideas to utilize the 1031 proceeds to paydown existing mortgages and still defer taxation.
Thanks!