That is a tax accountant question. I have heard of one time home sales may not have an income tax charge and I have heard of the 1031 Exchange. Good luck and let me know if I can help you or your friends and family with any real estate needs!... more
I am a loan officer for a federally chartered bank in Kansas City. We offer home loans all over the country, including the Wichita area.
I would be happy to advise you about obtaining a loan that meets your needs. If the down payment is a concern, you may wish to consider an FHA loan. National Bank Of Kansas City offers FHA loans, which only require you to invest a minimum of 3% of the purchase price into the transaction. You may ask the seller to pay your closing costs to keep your investment to a minimum.
Feel free to contact me if you would like more personalized advice.... more