Quote:
Originally posted by turbo6bar
I think you would need to pull the equity out at least 9-12 months after purchase. Otherwise, this may be construed as boot by the IRS.
What do you plan to do with the rest of the money from sale of commerical property, though? Any elimination of debt or cash in pocket is taxable.
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No elimination of personal debt, perhaps some commercial debt in the business.
What is a "boot"?
Why would you have to wait? (I'd probably get it if I knew what "boot " meant). Don't property gurus do this all the time sans the family member stuff?