1 Comment February 3rd, 2009

Take the 290K net profit to pay off some debt and pay 70K capital gain taxes or do a 1031 exchange?

at asked:


I will net a profit of 290 K from sale of a property; I also have a debt of 130K personal loan at 10% interest rate and another 26K from 401K loan. which is the best way to do pay off all my debt and pay capital gain taxes around 57K plus depreciation recapture around 6K, or use all the net profit of $290K to do a 1031 exchange? Or any good combination that allows me to pay off some debt with the minimum capital gain taxes?.

Andy
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This entry was posted on Tuesday, February 3rd, 2009 at 5:41 am and is filed under Personal Debt Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “Take the 290K net profit to pay off some debt and pay 70K capital gain taxes or do a 1031 exchange?”

  1. John Says:
    February 6th, 2009 at 7:34 am

    The other debts loan proceeds are not taxable see your accountant to work the details.