Pay Capital Gains Tax or Buy Another Property?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 1 October 2021

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:13.8	Jim's in Sacramento.
0:15.1	I jump, how are you?
0:16.6	Good, how are you?
0:18.1	Better than I deserve, what's up?
0:19.8	Good, I got a little bit of a pickle here.
0:23.8	We sold one of our rental properties out here in California and we have approximately
0:28.6	110,000 and a 1031 exchange.
0:32.0	By the time we were able to evict our tenants and get out the market has kind of climbed
0:36.3	a little bit higher.
0:38.1	We have a emergency fund while on baby steps seven, no bills, and the problem is we're
0:44.7	kind of just short on cash without liquidating our emergency fund out to buy another rental
0:51.2	property.
0:53.2	Obviously, don't want to take a loan, but I also don't want to pay 60 plus thousand in
0:58.2	taxes.
0:59.2	What would you do?
1:01.0	You have 310,000.
1:03.2	Yes, sir.
1:04.2	I buy 310,000 on a rental property.
1:07.2	We can't, you can't find them out here.
1:09.2	That's nice, not true.
	...

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