Taxes when buying a new condo and selling my rental

Hi all. I'm currently planning on selling my rental and using that money for the down payment on a new condo. From what I understand, to avoid being taxed, I'll need to buy a condo that is equal or greater to the one that I'm selling.

ie If I sell my current rental for $280,000(bought it for $235,000) for a condo that is $260,000 how much would I pay/rate/ etc in taxes.

Any information would be greatly appreciated.

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The one that got away

Saw a listing for a house that would normally be waaaaay out of my league. Sat on almost 2 acres of land and at 2,881 sq ft was way more than I needed, but only consisted of 3 bedrooms and 2 baths. Seller was extremely motivated, and for good reason – the house was extremely dated, and in need of a lot of TLC.

Still, I saw some potential in the house, and at $200k it was within my range. In my head I had a lot of ideas swirling around. Yesterday I got in touch with a friend of a friend who's an agent and arranged to view the property that evening. Ideas began coalescing into plans of action and I made a snap-kick decision to put an offer on the house of $193,500, with the seller covering closing.

Alas, after just 2 days on the market the house was already under contract and my offer came a day late (and probably a few thousand dollars short). It was a shame, but I had a feeling that the house wasn't going to last long and that someone like me would also see the diamond in the rough. Oh well, back to searching.

It stings just a tiny bit, because this was literally the first offer I've ever made on a house after looking for 7 months. It's unfortunate that supply is so limited and prices in my area just climbing like a fucking rocket. It's also funny that my friends and family were more bummed out about losing the chance to buy the house than I seem to be. Back to hunting!

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[CA] Installing a Tesla Solar Roof + Powerwall to a townhouse?

What are the chances of installing a new Tesla Solar Roof onto a townhouse in California? I'm thinking of grabbing a new townhouse, but my Tesla Model 3 is coming soon and am looking for ways to cut down on my electric bill since it'll most likely be extremely high. Will HOA most likely deny a Tesla Solar Roof?

Also looking to install a Powerwall to reduce the electric bill even further. Has anyone successfully gotten it approved by the HOA to their townhouse?

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[IL] pre-approved for 150,000. Looking in northern Kane, southern McHenry and northwestern Cook counties. Is it worth it?

Good evening, I was pre-approved for a mortgage yesterday and began working with a realtor friend of mine yesterday. I've been exploring what is out there recently and am shocked at the taxes on properties. 4500 on a place listed for 79900. 4200 on a place listed at 135000, 2800 on a place listed at 125000. The last two are in the same town. I knew Illinois property taxes were high but am struggling to deal with the fact that my monthly taxes could equal the p&i. A little bit of back ground, I'm a school teacher going into her 15th year of teaching. I don't see myself moving out of state because of the length of my career. I'm currently pay $850 rent on a one bedroom. I'd like a bigger place as I have two cats and a dog. I've looked at renting a bigger place and it would be $100-200 more than I'm paying now. I think I'm looking for reassurance that buying a house is the right thing to do.

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Game theory behind sealed bid vs auction resolution of multiple offer situations?

I'm curious why it seems to be standard practice in a multiple offer situation to simply ask for "best and final" offers in a de facto sealed bid format. Would it not be better to ask all bidders to participate in an auction or to simply call all the low bidders up, tell them what the high bid is and invite them to beat it? If I were a seller, I would definitely try to do the latter. What would I have to lose by trying to get better bids out of potential buyers who weren't going to win anyway?

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Investing in Condos vs. Houses in Small Towns?

I've been priced out of my city for investing, so I'm looking farther out at small towns. I'm trying to figure out if condos or houses are better.

The upside I can see to condos is that they don't require much in the ways of maintenance. But the market may be quite different in small towns and I'm worried they might not attract the greatest tenants.

The upside to houses is that they will probably appreciate faster. But the maintenance will be difficult at distance.

Any thoughts on what is best in small towns? Experiences?

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Buying Rental Property for Child

My son (26YO) is going to medical school this August. We are a very close family, and our finances are all combined. I believe putting a sizable (50K) down payment on an a property (250K) as an investment would benefit us in a multitude of ways:

1) Instead of son paying rent ($1,000) for 4 years to someone else, he would pay us and build equity in the home. 2) The property would help ease our yearly tax burden 3) Down the line, we can find other medical students to rent out property, or sell it.

My question is, what am I not taking into consideration? I believe keeping the money within the family, in addition to owning property and lowering tax bill, would be very beneficial. Any advice is welcome!

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