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by CareyBot

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 12, 2006. DEAR BOB: I know you answered a similar question several months ago, but I don't recall the answer. I own a six-unit apartment building, in which my wife and I have a large profit. If we make an outright sale, we will owe a huge capital gain tax. My wife remembered an item in your column saying we could make a tax-deferred trade of the apartment building for our "ultimate dream home," and then we could sell the house in a few years to claim $500,000 tax-free profits. Is there a minimum holding time for the house? --Harold J. DEAR HAROLD: Yes. You first can make an Internal Revenue Code 1031(a)(3) Starker tax-deferred exchange of your apartment buildi...