tax law ???? rental property roll over.
so, i know you can sell a rental property, buy another, and skip capital gains. all? some?
but what i want to know is if you can do it in reverse order?
i'm planning to buy a 2 flat, and i have a single family that i may have to sell, just to make that happen. but i dont have control of the timing, seller does. when we started talking, i had the money to make it happen, but the plague has been very, very bad to me.
it would have to be creatively financed at this point, which makes things tight.
i dont want to sell the sf now, but i am not planning on holding it for the heirs, like the rest of my property. (my urban farm)
current tenants are likely to buy. made a big move and wanted to rent a while, but it was the possible sale that sold them on the property. they adore the house. (it was a gut rehab, and a beauty if i do say so myself.)
but they can also comfortably pay the rent, and are prepared for it to be a while.
the gain is significant, and that's a big factor. if it is possible to use the proceeds to pay off the mortgage, i think they whole thing works.
if not, i will not cry too hard about selling. that much debt makes me nervous anyway.
and the place needs some work.
having those rent checks to bridge the rehab/vacancy bit will make a huge difference, tho.
hence my question.
anybody know?
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