Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

DEAR BOB: A friend owns a vacation home at Lake of the Ozarks in Missouri. She said if she sells, she has 45 days to buy another piece of property, perhaps a condo in Florida, before she owes tax on her profit. Is this correct? --Sue E. DEAR SUE: No. Your friend is mistaken. She should consult her tax adviser. Purchase Bob Bruss reports online. Unless she is selling a rental property, which can qualify for an Internal Revenue Code 1031 tax-deferred exchange, she will owe capital gain tax on her sale profit. There are no special tax breaks for the sale of a nonrental vacation property. MUST A JUDGE APPROVAL PROPERTY PARTITION? DEAR BOB: You often discuss partition lawsuits where one co-owner wants to sell but the other co-owner doesn't. Does a judge have to grant permission for the partitio...