or
Join Now!
|
|
Home/Business & Economy/Real Estate
|
| Forum |
Ask A Question |
Question Board |
FAQs |
Search |
Return to Question Board
| Question Details |
Asked By |
Asked On |
| Question about doing a 1031 |
ChefGeno |
06/13/06 |
Hello,
My question is regarding a 1031 exchange on a commercial piece of property....I am 71 years old, married with 3 grown children..I own a piece of property with a restaurant on it and close to 1 acre in total area. Escrow will close in Oct., the cafe will close, and the property will be developed. I will lose my rent and monthly income..I have been considering doing an exchange, but I am worried about the consequences when my wife and I pass on...will my kids have to pay the capital gain tax?, which will be in the 300k area....I heard about a plan where you pay the tax yearly accordingly to your life expectancy, and at our death our kids pay it yearly until it is paid off and they hold the property forever and pass it along to their kids. etc.. My other thought is to pay the cap gains and invest(1 Milion) in a bank fund at a high interest rate .
thanks for your help,
Geno
|
Clarification/Follow-up by ChefGeno on 06/15/06 10:15 pm:
Yes I do have a revocable trust for myself and my wife....but should I consider the 1031?Thanks,
Geno Clarification/Follow-up by ChefGeno on 06/16/06 5:19 pm:
Hello there,
This property, I am part-owner of, with (my Sister and brother). I think it is best to separate with my brother and sister for personal reasons...it is mostly land (parking lot) with a cafe that is in need of repair and has a declining buiseness Itwould take a hugh sum of money to develope, and with a city that does not allow for expansion, it would be a tough call.We just moved from the city (Burbank) and are now 200 miles away, which makes it hard to deal with. Escrow closes in Oct. and the brokers specialice in 1031's, I just want to do the right thing with my share of the money so that I will have an income for my remaining years.
Thanks,
Geno
|
| |
|
Your Options |
Additional Options are only visible when you login! !
|
|
|
|
