Tax question about refinancing

[quickstudy]

Taxwise, is it more advantageous to refinance all 3 of my properties in one year or to divide them up between 2005 and 2006?   Its almost 2006, so I can wait a couple of months.  Someone mentioned there's a limit, is this right?  What do you think?  Thanks

[4EEM]

You might want to try the legal forum with that one.  Or give a quick call to an accountant.

[rbaxter]

Yes, good question for a CPA- if you are not working with one and are acquiring properties at this rate, a CPA would be well worth the money.  I have found that my CPA makes me more money in saved taxes than I pay him, and I consider him a valuable part of my team.

[loanguy]

Depends on how muchmoney you are going to pull out. You are referring to Capital Gains tax I believe. I am not certain on the amount but it can be quite large if you pull alot of liquid cash out of your property. So it may be in your best interest to split it up. The only way around it is to invest in another primary residence with the money. Which I think you have six months or a year to do.