I recently sold a rental property, cash sale. Look out, long term federal capital gains 15% Plus regular state and local taxes.
And it pushed my income into a higher tax bracket which played games with my medicare.
Please talk to your CPA. My CPA advised me not to sell it because I would take a tax hit. He said it's better for me not to sell. My kids will not pay very much inheritance taxes. I went to college with my CPA. He's been doing my taxes forever.
If you want to sell one property and buy another property there is a way to get the job done and not pay capital gains.
Talk to professionals. CPA or a title company.
Each to their own. I once bought a property on contract. Sellers died, his kid filed bankruptcy, and that left me a MESS. A divorce could be messy too. NEVER will sell on contract and I leave my kids in a mess like I was in.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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