Posted by michaela-ATL on July 31, 2002 at 19:41:31:
the $ 250,000 profit tax exemtion is only for houses in which you’ve lived 2 of the prior 5 years. not having the post in front of me, i think obi wrote, that he only lived in the house for a year. i would think he’d have to pay longterm capital gains.
i know there are some exceptions if you had to move for your job. (f you own your own company and you move that across country, does that count?)
michaela
1031 Exchange Question - Posted by Obi (San Diego)
Posted by Obi (San Diego) on July 31, 2002 at 16:15:27:
If I own a property for one year as my primary residence then now decides to sell it to buy a new property as my primary residence, would it be feasible to do a 1031E?
If 1031E is not feasible, is there another way that I can avoid paying capital gains?
Re: 1031 Exchange Question - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 31, 2002 at 21:36:55:
Obi–(CA)--------------------
If you live in the property for 24 months, you can sell and incur no federal capital gains tax on any profit you pocket, up to $250K per owner.
If you have to move for a job-related reason, you may be able to do so in less than 24 months and have a prorated exemption from the taxes. But, if you are just moving in the local area where you live, this is probably not going to work. You might consult with a tax attorney or a tax CPA, as I am neither.
Otherwise, No.
Good Investing and Good HouseHuntingRon Starr*******
Re: 1031 Exchange Question - Posted by kn
Posted by kn on July 31, 2002 at 18:45:18:
I may be wrong but I don’t think that you would have to pay taxes on the profit unless you made over $250,000
Re: 1031 Exchange Question - Posted by michaela-ATL
Posted by michaela-ATL on July 31, 2002 at 17:26:48:
obi,
i do know, that 1031 is not possible with personal residences.
michaela