I am selling a duplex in Sacramento for 500k how much would I have for a 1031 after fees ?
Bought in 1996 for about 100k. Assuming I use a realtor to sell the place….also how much would I have if I just sold the place and kept the money (I am an unemployed recent graduate so my only income as of yet is from rents (25k a year))….also,,, I want to get the tenants out of one of the units so I can renovate it and rent it for more (or leave it vacant) , what is the best way (legal) to get them to get them out (is it legal to break the lease for rennovation or if I plan to move into the unit?) should I offer money or pay for moving expenses…how long do I have to give them ALSO—> I am planning on using the 1031 to purchase investment property in Austin TX where I can get a far better %return, the problem is that the prop. tax is high (2.75%)…is the prop tax deductable on fed income tax? ALSO…will I have to pay CA state income tax when I sell the prop in Texas?
If you can answer ANY of the question I would be greatful…
peace
Depending on when the lease is up you need to give them at least 60 days notice. If you want to relocate your tenants than what you are doing is acting in good faith and yes you could move them if they wish. But you have to move them to a place that is comparable to the same place they live in. http://www.hrfh.org/tenantlandlord.htm 1031 is a financial question and I have a great resource group I can get you in contact with who can answer all your 1031 questions. Your last questions is directed toward a tax consultant and again I have some resources I can direct you toward. If you need a some good comparables for your property and net sheet which can give you your bottom dollar. Contact me. Good luck.