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Real Estate
Reply to "Renter trying to buy"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's a tax bomb, so consider the best timing before you sell it. Maybe better to let your heirs inherit it.[/quote] This is OP. I’m thinking of the inheritance to kids as the best approach to avoid the tax hit. [/quote] You could also 1031 exchange it into a property in an area you want to retire in, then rent it out until you retire and move in.[/quote] We’re already living where we want to retire. [/quote] OK so you’re retired already. Do you depend on the rental income for your retirement income? Do you want to continue your landlord job during your retirement? Also consider how much work it will take once this five-year tenant leaves to rent it out again, and how much more rent you will get if you haven’t been bumping up the rent annually.[/quote]
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