If I find a house I want to live in…is there a way to still do the 1031 if I buy my new home first, and sell my current residence after the new home has already been purchased? I’m worried it might take longer to sell our home than it would to buy our new one.
It won’t matter how long it takes to sell your home. Your personal residence is not eligible to participate in a 1031 exchange.
All of the of the income from the sale of your personal residence, up to a certain amount, is tax free anyhow so you shouldn’t have to worry about a 1031. I’m sure there are tons of folks here who know what that amount is. I want to say it’s $250,000 if single and $500,000 if married.
That is correct amounts for a sect 121 exclusion on sale of personal residence
so when’s the gov’t going to change this???
isn’t this a tax benefit “FOR THE RICH”?
LORD help us if crazy nuts get in the white house (bigger nuts than current president)
Vote for Ron Paul!!! (yes he’s a social liberal, but at least you’re not getting the mantra and infinite repeat rhetoric you get from the democrat/repub machines).
RON PAUL!
Hopefully not for quite awhile. What would you want them to change it to?
isn't this a tax benefit "FOR THE RICH"?
I don’t think so. The benefit is available to every homeowner who meets the two year ownership and occupancy requirements. I am guessing that the RICH have very expensive homes with potential profits near or in the seven figure range. Seems like a $250K exclusion will hardly make a dent.
The middle class homeowner, however, benefits more from this tax shelter than the rich since many homeowners can take 100% of their profit tax free.
Vote for Ron Paul!!!
Ron Paul is an ultra right-wing Republican candidate for President whose official biography has described his platform as “limited constitutional government, low taxes, free markets, and a return to sound monetary policies.”
I would vote for him if I thought he would have a snowball’s chance of winning the nomination and beating Hillary in the general election.