DEAR BOB: I currently own a rental condo. If I move into it for 24 months, I believe I will not be liable for any capital gains tax. But I would like to sell the rental condo and purchase another rental property using the Internal Revenue Code 1031 tax-deferred exchange you often discuss. How long would I have to rent the condo I purchase before I can convert it into my personal residence? – Richard W. DEAR RICHARD: If I understand your e-mail correctly, instead of moving into your rental condo to convert it into your principal residence after 24 months of occupancy, to claim up to $250,000 tax-free sale profits under Internal Revenue Code 121, you instead want to make an IRC 1031 tax-deferred trade for your ultimate dream condo. Purchase Bob Bruss reports online. That's feasible. To make a qualified tax-deferred trade, presumably a Starker IRC 1031(a)(3) exchange, you must meet the requirements. These include having the sales proceeds for your old condo held by a qualified th...
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