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Investors & landlords
In my situation I have a rental property that we would like to sell and purchase a larger rental property. As of right now we stand to gain about $150k from the sale of our property. Obviously, we would like to avoid paying capital gains. Are you saying that in Wisconsin we must purchase another like (rental property on our case) investment property within 180 days to avoid paying gains? What happens if we don’t put all $150k down on the next property? We are in a unique situation where we purchased a property in Milwaukee for $50k (cash), put $50k into the property, and took out a loan for $100k. Now that home is worth $200k. I am assuming we pay gains on the purchase price not the original loan amount.
January 23, 2020
4:06 AM