If so, if you have a condo that is a cashflow property, does that count? Say that I fix up a condo and sell it for X amount of dollars, if I buy another condo just like it that is not updated, does this count under the 1031 exchange?
2006-10-21 09:26:37 · 3 answers · asked by wscarpelli@sbcglobal.net 4 in Business & Finance ➔ Taxes ➔ United States
Yes
The rules are rather broad. Just make sure you follow the rules, which include:
- Timely identification of the new property
- Not handling the money yourself (you need a QI -
Qualified Intermediary)
- Complete the new purchase in the time limit
2006-10-21 09:27:43 · answer #1 · answered by Dentata 5 · 0⤊ 0⤋
until eventually you employed a replace approved middleman to carry the money out of your duplex sale the replace is out. you would possibly want to set up the sale of the first sources with the replace business business enterprise before the remaining That being suggested the capital beneficial properties on the tax due on your income as on now is a max of 15% no longer undesirable after the subsequent election that present will flow away so imagine about it solid success
2016-12-05 02:06:49 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes, but the condo you are buying has to be of more value than the one you are selling. You have to trade up.
2006-10-21 09:39:00 · answer #3 · answered by hbsizzwell 4 · 0⤊ 0⤋