Posted by Richard in Madison WI
on 7/26/2007, 2:45 pm
4.159.47.195
We have owned a duplex since 1992 and now we'd like to get out of the "landlord" business. Purchase price was $90,000. Basis is about $50,000. Current value is about $200,000. This is our only rental property, and we are tempted to sell it, pay the tax, and put the remaining proceeds in a children's education fund, or IRAs, or fix up our house. But is that wise? Is a 1031 exchange a good alternative? Or is it time consuming with lots of hoops to jump through? And will we go from the frying pan into another frying pan? Our goal in the next few months is to come up with a plan that will enable us to make a clean break from the property management side of the business. Any advice or warnings? Thanks.
Richard
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