To fully understand the tax implications of the sale, we recommend that you consult with a tax lawyer. To fully understand the process, consult a qualified intermediary if you plan to do a 1031 Exchange.
If you plan to use 1031 for the sale of your rental property, it is important to be familiar with these rules and regulations. The IRS has tightened its regulations regarding 1031 code to ensure property owners follow its rules.
The furniture can be sold to the buyer if you wish. This allows the new owner of the property to keep the same set-up and photos as when they listed it on Airbnb. Although some buyers may wish to modify things to suit their personal visions, others will appreciate the obvious savings in start costs.
It can be hard to sell your rental property when you have future bookings. Buyers will prefer to rent places that can be rented quickly to tenants. You shouldn't be trying to make more money by renting out future rentals to buyers. Instead, you should simply sell your property to move on.
Negotiate with the seller to include the furniture in the sale. This allows you reuse the layouts and photos you used to list your property on Airbnb. Some buyers might be tempted to modify things to reflect their vision but others will appreciate the savings and lower start costs.
Take note of any areas around the house that need attention as you go. Do you see any areas that need to be patched? Do you need to paint areas? Are any baseboards damaged by luggage? Are all doors and windows in working order?
