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. The rules need a considerable amount of patience and understanding, but they also can help bridge the gap until the housing market eventually rebounds. Housing is cyclical and while this down cycle will loom longer than anticipated, it will eventually rebound. Three years ago, guidelines were adopted that allow homeowners who kept their home and used it as a rental property (under IRS Code 121) to eventually "buy down"...
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