Agent

$500K tax break allowed on house acquired in exchange

Property must be owned for 5 years to qualify
Published on Jul 31, 2007

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by CareyBot

DEAR BOB: My wife and I are both 85. We bought our house five years ago in an Internal Revenue Code 1031 tax-deferred exchange. It was our third 1031 exchange in a series so our cost basis is very low. ...

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