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Buying or Selling a Home/Partial Sale of 1031 Property

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Expert: - 3/19/2010


Question
What can you tell me about tax concerns/considerations if I sell a small piece of a property I acquired through exchange?  I acquired through exchange a property worth $420,000.  My estimate is land is worth $300,000 and I plan to sell maybe 10% of land for $40,000.  Does this trigger any adverse events and how do I determine the taxable gain to report?

Thanks.

Answer
Good question, my personal opinion is, you will pay tax on any gain period. Your gain is the differance from what you paid, to todays value,bases starts at time of aquiring,grows from there.

I would recommend you get expert legal and expert tax advice before you do anything. I wish you luck, but always remember, all sells should generate a 1099, and I am sure you know who will receive a copy, good ole Uncle Sam. Have a nice day.

Marvin

Buying or Selling a Home

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Marvin G. Bobbitt, III

Expertise

Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.

Experience

Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..

Organizations
Active Member of the Durham Association of REALTORS. Past BOD for Durham Regional Association of REALTORS. Active Member of North Carolina Association of REALTORS. Active Member of the National Association of REALTORS. Active Member of Triangle Multiple Listing Service. Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.

Publications
Durham Herald

Education/Credentials
Graduate; Durham Public Schools Graduate; North Carolina Central University. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC. Completion of the following North Carolina Real Estate Courses. North Carolina Real Estate School Fundamentals. North Carolina Real Estate Broker Classes. Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission. Completion of the following North Carolina Appraisal Courses. R-1 Real Estate Appraisal. R-2 Valuation & Principles & Procedures. R-3 Applied Residential Property Valuation. G-1 Income Property Appraisal & Valuation. Completion of Notary Public Classes for the State Of North Carolina. Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015

Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC.

Past/Present Clients
Given upon request

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