What is a 1031 exchange
Home ownership for less than 2 years - 1031 exchange?
My wife and I bought our first house about 8 months ago. It turns out it doesn't suit us (for many reasons). Because of that, we want to sell it and move to the suburbs on the other side of town and be closer to our families and the place we grew up in.
Because the market in our city is so incredibly hot right now, we will have made more than $ 30,000 in sales by doing this. After selling the issue, I assumed we would owe about $ 1,500 to $ 2,000 in capital gains taxes for not owning our home long enough.
Our broker mentioned 1031 Exchange, a section of the IRS code that would allow us to do a comparable swap with deferred taxes on assets. Has anyone tried that here? As far as I can tell, these are business and not personal assets. It just sounds dodgy, too.
Yes, your broker is an idiot. (I'm a broker, and I'm sorry you have such a bad one.) Every industry has its good and bad. You really should find a new broker, a good one.
You know the 1031 exchange only applies to rental properties. And that $ 2,000 saving is not worth staying in to complete the two year occupancy requirement.
- Who gets the profit from a film
- What is the free baggage allowance for Emirates
- What made Tom Hagen so loyal
- Is fear the worst human emotion
- What is the nickname of MS Dhoni
- Who was Periyar's wife
- Who was Adam and Eve's second son
- Rent your precious jewelry online
- Where is AADHAR card information stored
- Who is the most notorious person ever?
- Are Range Rover reliable cars
- Don't you like your nationality? Why
- Why does one eye water at night
- What shaped your political beliefs
- Are sweet potato peels edible?
- Is globalization dead
- What does it mean to give up on someone
- Clothes and towels can spread germs
- What is your hotel confession
- Is there an earthquake in New Zealand
- Why shouldn't we be against globalization?
- What are the basic colors
- Lufthansa has an A380
- Why is Tamil Nadu not developed