My friend is selling his investment property to pay off his wife's student loans

[OgreParticipant 5863]

You didn’t mention kids. He needs to go get deactivated ASAP. That way when the legal assraping is over it’s just a portion of his previous earnings and not his entire future.

I failed to realize in my youth that I was the prize. I was going to work. I was going to earn. Little did I realize that due to feminism, that no longer meant I had to share. Road soon, Desert after.

[Buller100Participant 2189]

averageman55 wrote:

Sky-O wrote:

And regarding 1031 exchanges:
They do not allow someone to avoid paying taxes on proceeds from real estate sales (that’s ridiculous) – A 1031 exchange enables the sale of one property and the transfer of the proceeds into a ‘like or similar’ property (as defined by the IRS) without paying taxes on the proceeds: *Note – the second transaction / purchase must close within 120 days of the sale of the first property in order to qualify

Yup. I just oversimplified it in case someone here didn’t know what it was. The best thing to do would be what I said. Get that money, buy a duplex/triplex, collect rent. It is the most tax advantageous thing to do and generally the smartest.

Getting the money and paying off his wife’s student loans is quite possibly the worst thing he can do. I’ll give it two years before he’s thinking about suicide.

Should I also mention several people have told me his wife his “out of his league” and that she’s a nurse? It’s like the clichés write themselves.

The sad thing is, all this is actually true.

I have seen this a few times when the girl is out of his league , deep down I think they know .. I view it as a gamblers refusal to leave the table.

He knows she knows , it’s a charade… She will work part time leech off him.

Get her place spruced up then he is toast , it’s as though they decide themselves.

[BeerParticipant 11832]

If he owned the first house prior to marriage, I’d be careful about even selling that house…some states have f~~~ed up laws and depending what accounts he puts the money into and what he does with it next she may be entitled to a chunk of it in divorce. Sadly though if he’s thinking about paying her student loans off, it would be like 10 steps beyond him to think of this.

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