Question
My House is worth 550,000.00 and I owe 300,000.00. = The Capital gain is 250,000.00 Does this apply to Me? Section 1031 of the United
My House is worth 550,000.00 and I owe 300,000.00. = The Capital gain is 250,000.00
Does this apply to Me?
Section 1031 of the United States Internal Revenue Service's tax code, you can defer gains or losses on a property sale by reinvesting the proceeds of the sale in a like-kind property. This type of reinvestment, or property exchange is nicknamed a 1031 exchange.
Question:
Can I sell my rental home with the tenants have reside for (1 year 9 months). and purchase a home (not a rental) without being penalized?
I was living there in my house for 5 years before the tenants (renters) starting paying me rent.
Can I sell it and take that money (CAPITAL GAIN) and buy a home for me to live in?
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Answer As per given details firstly answer to your question is Yes It is correct that you can sell h...
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Federal Tax Research
Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill
10th Edition
1285439392, 978-1305177697, 130517769X, 978-1305360181, 978-1285439396
