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#3
05-27-2004, 03:46 AM
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 Re: No Tax on all previous home's capital gains as well? Or only for the converted one? - quote - > Does he reclaim ALL the depreciation from the beginning - or
May 1997, the fifth I believe.> just since May 1997? Helen, EA in PA Member of The Tax Gang Director, National Assoication of Enrolled Agents Immediate Past President, PA Society of Enrolled Agents << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
05-25-2004, 11:15 PM
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| Re: No Tax on all previous home's capital gains as well? Or only for the converted one? Does he reclaim ALL the depreciation from the beginning - or just since May 1997? Nan, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
05-24-2004, 05:16 AM
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| Re: No Tax on all previous home's capital gains as well? Or only for the converted one? "Motoi" <naomi[at]hapico.com> wrote: - quote - > I have bought and sold three income properties using 1031
If you live in the converted house as your home for two> for the past 20 years, and now want to move in to the > current one planning to sell after two years as an owner > occupied. Will I be free from all taxes? Or,free only for > the converted last one, and need to pay for all previous > properties' capital gain taxes? years you will be able to shield the APPRECIATION from taxes BUT you will have to pay tax on the recapture of all the depreciation you claimed in all prior years on all the homes as rentals. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-14-2004, 07:27 AM
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| Re: No Tax on all previous home's capital gains as well? Or only Motoi wrote: - quote - > I have bought and sold three income properties using 1031
When they passed that 250,000 exclusion my heart jumped for> for the past 20 years, and now want to move in to the > current one planning to sell after two years as an owner > occupied. Will I be free from all taxes? Or,free only for > the converted last one, and need to pay for all previous > properties' capital gain taxes? joy, since I'd been rolling over and over several times since Baltimore. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
05-14-2004, 02:07 AM
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| No Tax on all previous home's capital gains as well? Or only for the converted one? Hello I have bought and sold three income properties using 1031 for the past 20 years, and now want to move in to the current one planning to sell after two years as an owner occupied. Will I be free from all taxes? Or,free only for the converted last one, and need to pay for all previous properties' capital gain taxes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, converted, gains, home, previous, tax |
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