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Comments
IamSauerKraut t1_ix12ull wrote
Does it come with a beach?
Guygan t1_iwyy3kc wrote
Sell land for cash.
Use cash to buy land/house.
Much better option.
Temporaryland t1_iwz375i wrote
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
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[deleted] OP t1_ix1fkwu wrote
Not when you have a surplus
Freshfieldtheguy t1_iwyydvj wrote
What lake?
sy33d_am33r_ali t1_ix0aknp wrote
The lake.
IamSauerKraut t1_ix12zdf wrote
Is the lake in the county?
[deleted] OP t1_ix1fnsn wrote
No 😂
[deleted] OP t1_ix1fn8a wrote
😂
[deleted] OP t1_iwz64go wrote
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WhiskyIsMyYoga t1_iwyy1j4 wrote
I have a bridge I’d be willing to trade.