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Bill Exeter
The Exeter Group
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Bill is correct the exchange of a rental property to pay off debts does not qualify for a 1031 exchange. Further you need to look at the tax consequences of the sale. The gain on the sale goes back to the original purchase price, plus improvements, less depreciation - so it may be that you will have a sale where the taxes paid use up all or nearly all...
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Great. Sounts like you are in great shape for a future 1031 exchange. The LLC is the next decision. I would be happy to talk further with you if you like. Please keep Exeter 1031 Exchange Services, LLC in mind for your future 1031 exchange ( http://www.exeter1031.com ).
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No, this would not qualify for 1031 exchange treatment. You must acquire new investment property to replace the property that you are selling. The payoff of existing debt does not qualify as an acquisition of replacement property.
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We want to sell a property we have had for 20 years (in Norfolk, Va). It has been rental property for the past 18 years. We are in the military and have been out of country for 12 of those 18 years. We hoped to one day go back and retire there, but found a better life and bought a new house (in Memphis, Tn). We have taken out Equity (HELOC) from...