Capital Gains/1031 Exchange - Posted by Rusty

Posted by David Krulac on June 10, 2004 at 06:04:23:

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Capital Gains/1031 Exchange - Posted by Rusty

Posted by Rusty on June 09, 2004 at 23:23:29:

I am thinking of selling one of my houses for the first time and am not sure how much you pay in capital gains. I have had rentals for years, but have never sold any of my properties. Also do you have so many days to reinvest into another property if you do a 1031 Exchange and if so how many days do you have? I just started talking to one of my tenants about purchasing the property and have just started to look for sellers motivated to sell their houses and I am worried that I don’t have enough time. Any help would be appreciated

Re: Capital Gains/1031 Exchange - Posted by William L Exeter

Posted by William L Exeter on August 08, 2004 at 22:49:08:

You would certainly qualify for 1031 exchange treatment should you decide you want to sell your existing rental property and acquire another rental property.

In the event that you decide to do a 1031 exchange, you have two (2) deadlines to keep in mind. You have 45 calendar days from the close of your sale transactin to identify potential replacement properties and 180 calendar days to complete the acquisition of your replacement properties.

Email me if you would like additional information.

Re: Capital Gains/1031 Exchange - Posted by Jay(OR)

Posted by Jay(OR) on June 10, 2004 at 03:17:16:

Because you say you have had the properties for many years, I believe they would be taxed at the long term gains rate of 15% of your profit- (Sales price-(Purchase price+sales costs)

I believe you will have 45 days to locate a suitable property, and another 120 days to close the deal.

I could be wrong.

Good luck, Jay(OR)

Re: Capital Gains/1031 Exchange - Posted by Dave T

Posted by Dave T on June 12, 2004 at 24:11:41:

The total is 180 days. Beginning with the settlement date on your relinquished property, you have 45 days to identify your replacement property and another 135 days to complete its acquisition.