Temporaryland t1_iwz375i wrote
Reply to comment by Guygan in Trading for land by [deleted]
Not necessarily, that much cash flow could fling off a lot of tax burden along the way - trading property can help minimize that
eljefino t1_iwz41mh wrote
Might be able to do a 1031 exchange.
Guygan t1_iwz4fqo wrote
It’s not as simple as that.
https://www.investopedia.com/articles/mortgages-real-estate/08/like-kind-property-exchange.asp
It doesn’t get rid of your tax liability. It only defers it. And you’ll need a lawyer.
Unless OP plans to do this to “fool the IRS” and not report it at all.
[deleted] OP t1_ix1ftx9 wrote
And an accountant
[deleted] OP t1_iwz3zza wrote
[deleted]
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