Agent

Home won’t sell? Rental strategy may work

For primary homes held as rentals, doing 1031 exchange can bring tax-free cash
Published on Jun 6, 2008

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It's a sign of the times: Many homes are taking longer to sell, and sellers are accepting less than they imagined.

While it's often critical to pull out the equity in a primary residence in order to buy another primary residence, the Internal Revenue Service provides a relatively new advantage for homeowners who must rent out their property now because of a slow sales market. Instead of selling it later and paying a capital gain as an investment property sale, owners can take out tax-free cash and defer the remainder via a tax-deferred exchange.

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