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Can I sell a rental property and buy a small % of someone else's rental to avoid...
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04-29-2008
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Can I sell a rental property and buy a small % of someone else's rental to avoid...
...paying Capital Gain Taxes? I have a rental condo that has been rented for over 3 years. say I bought it for $100M, it's worth $300M but I now owe $200M (took cash out) on it. If I sell, I have to recognize $200M in gains and will pay @ $50M. After paying the debt and tax, I will only net @ $50M.
Can I buy a small percentage of another person’s rental property (est. $1,000M value) as a like-kind exchange to avoid capital gains? If so, how much will I have to buy in to avoid taxes? The $200M overall Gain or the $100M net received? If I only can put down the $100M I net out, will I be taxed for the difference? How else might I structure this? Are there more options? Thanks,
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