I recently sold a rental property, cash sale. Look out, long term federal capital gains 15% Plus regular state and local taxes.
And it pushed my income into a higher tax bracket which played games with my medicare.
Please talk to your CPA. My CPA advised me not to sell it because I would take a tax hit. He said it's better for me not to sell. My kids will not pay very much inheritance taxes. I went to college with my CPA. He's been doing my taxes forever.
If you want to sell one property and buy another property there is a way to get the job done and not pay capital gains.
Talk to professionals. CPA or a title company.
Each to their own. I once bought a property on contract. Sellers died, his kid filed bankruptcy, and that left me a MESS. A divorce could be messy too. NEVER will sell on contract and I leave my kids in a mess like I was in.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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