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#3
10-15-2004, 12:28 AM
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 Re: 1031 Exchanges - is this allowed? "Doug Clark" <beulavillenc[at]yahoo.com> wrote - quote - > I am selling real property that has been a rental for 15
Yes, but up-to $80,000 of gain will be taxed. Maybe not> years. The net sales price is $200,000 with no debt. The > closing date is November 15th. > QUESTION: > At the closing can I take $80,000 in cash to myself and > still put the remaining $120,000 into a QUALIFIED ESCROW > ACCOUNT for 1031 exchange purposes. This is within the 1031 > exchange rules? your best move. -- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
10-15-2004, 12:09 AM
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| Re: 1031 Exchanges - is this allowed? "Doug Clark" <beulavillenc[at]yahoo.com> wrote: - quote - > I am selling real property that has been a rental for 15
The 1031 rules are very, VERY specific. You MUST use a> years. The net sales price is $200,000 with no debt. The > closing date is November 15th. > QUESTION: > At the closing can I take $80,000 in cash to myself and > still put the remaining $120,000 into a QUALIFIED ESCROW > ACCOUNT for 1031 exchange purposes. This is within the 1031 > exchange rules? qualified intermediary to sell and buy the replacement. You can get some cash in the end, and you will always pay tax on the cash you get. But YOU cannot sell the property yourself or handle any of the transaction. And because of the time line you may not be able to do a 1031 exchange for this property now. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-14-2004, 09:22 AM
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| Re: 1031 Exchanges - is this allowed? Doug Clark <beulavillenc[at]yahoo.com> wrote: - quote - > I am selling real property that has been a rental for 15
If you sell the proeprty then you are not exchanging it.> years. The net sales price is $200,000 with no debt. The > closing date is November 15th. > QUESTION: > At the closing can I take $80,000 in cash to myself and > still put the remaining $120,000 into a QUALIFIED ESCROW > ACCOUNT for 1031 exchange purposes. This is within the 1031 > exchange rules? If you wish to do a 1031 exchange get a qualified exchange accomodator or qualified intermediary to handle it. The new property will have to be worth at least 200,000. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-14-2004, 09:03 AM
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| Re: 1031 Exchanges - is this allowed? - quote - > I am selling real property that has been a rental for 15
Yes. Of course, you will owe tax on the gain attributable to> years. The net sales price is $200,000 with no debt. The > closing date is November 15th. > QUESTION: > At the closing can I take $80,000 in cash to myself and > still put the remaining $120,000 into a QUALIFIED ESCROW > ACCOUNT for 1031 exchange purposes. This is within the 1031 > exchange rules? the $80K. And you will need to identify and purchase the replacement property within the time limits. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-11-2004, 04:40 AM
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| 1031 Exchanges - is this allowed? I am selling real property that has been a rental for 15 years. The net sales price is $200,000 with no debt. The closing date is November 15th. QUESTION: At the closing can I take $80,000 in cash to myself and still put the remaining $120,000 into a QUALIFIED ESCROW ACCOUNT for 1031 exchange purposes. This is within the 1031 exchange rules? Thanks in advance Doug Clark << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1031, allowed, exchanges |
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