CALNEVA DISNEYFANS
Mouseketeer
- Joined
- Sep 10, 2005
- Messages
- 188
Are there any CPAs or tax attorneys out there that can answer this question?
I have an investment property that is closing escrow this month. I want to exchange into two other properties and take some cash. Here is the details.
Selling property: $200,000 cash, no debt.
Buying two $160,000 properties, each with $50,000 down and financing the balance.
Balance of $100,000 cash. Do I just pay the long term cap gains on the money that is not going into the exchange or do I pay long term cap gains on the whole $200,000? CPA out of town and can't wait for answer.
Thanks in advance.
I have an investment property that is closing escrow this month. I want to exchange into two other properties and take some cash. Here is the details.
Selling property: $200,000 cash, no debt.
Buying two $160,000 properties, each with $50,000 down and financing the balance.
Balance of $100,000 cash. Do I just pay the long term cap gains on the money that is not going into the exchange or do I pay long term cap gains on the whole $200,000? CPA out of town and can't wait for answer.
Thanks in advance.
