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South-Central Virginia | Family member has a small house bought for around $80,000 sometime in the 80’s, used as a rental. This area is now highly desirable and the property is worth around $600,000. House has been depreciated and improvements made are insignificant and have been depreciated. Buyer would bulldoze house. Just outside DC.
My idea was for him to buy a farm of similar value, rent to me, get conservation easement for tax credits, sell farm to me. Everybody wins!
Edited by timberturkey 7/2/2018 05:52
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1031 exchange
