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Home Selling in 60626 : Real Estate Advice

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  • Local Info4
  • Home Buying15
  • Home Selling2
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Activity 2
Thu Mar 3, 2016
Karen Peyton answered:
Unless "primary residence" rules apply, the only way to avoid taxes on a rental home is to do a 1031 Exchange in which you roll the proceeds from one income property to purchase another.

Of course there's always more to the story - so for the "best-est" info, speak with a tax professional. And yes, there are rules to do a 1031 Exchange (just in case you're wondering).

Good luck!
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Tue Jan 12, 2010
Chris Michaelson answered:
Hi Val,

Work with an agent that is knowledgeable and that you trust and feel comfortable with, since you're going to be working closely with them to either buy or sell property. The best way to do that is to call several brokers/agents and just fire away questions. That will give you a good idea of their knowledge of the neighborhood. A good agent will answer your questions frankly and comfortably and should instill you with confidence that they will listen to what your goals are and help you achieve them as quickly and easily as possible.

I currently live in Logan Square, but previously lived in Rogers Park (near Pratt & Sheridan). My wife also worked at a non-profit in the area for many years, so I've spent a lot of time in the area and am quite familiar with it.

Chris Michaelson
chris@312agent.com
312.77.AGENT
http://twitter.com/312agent/
http://312agent.com/
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