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Yes. There is a 1031 exchange. That is when you purchase another like kind investment property. I should have stated during a 'sell'. Lots of landlords actually
by ransom1538 5y ago
Yes. There is a 1031 exchange. That is when you purchase another like kind investment property. I should have stated during a 'sell'. Lots of landlords actually need to sell homes. So no, a competent accountant will not avoid it during a sell.
- Spooky23 5y agoOh totally agree there, accountants aren’t magicians. But planning is part of accounting competence. For example, you could avoid this issue by not deducting, or do a like kind purchase if something that produces income more passively. If a landlord just bungles around without knowing what they are doing, recapture taxes are probably one of many issues they are facing.