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#2
10-18-2004, 04:38 AM
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 Re: 1031 like kind exchanges "Greg" <greg_not_so[at]hotmail.com> wrote: - quote - > If I move out of my current primary residence, which is a
Rent A place or rent THE place? If you mean rent your> personal asset, and rent a place, would this turn this piece > of real estate into an investment asset for Sec 1031 > purposes? current residence, yes you could, but unless you don't qualify for the exclusion on gain with this residence or the gain exceeds the exclusion, why would you want to? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-18-2004, 03:41 AM
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| Re: 1031 like kind exchanges Greg wrote: - quote - > If I move out of my current primary residence, which is a
It would seem so. You'd almost certainly lose the> personal asset, and rent a place, would this turn this piece > of real estate into an investment asset for Sec 1031 > purposes? section 121 exclusion, though, it might not gain you anything. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-18-2004, 03:41 AM
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| Re: 1031 like kind exchanges greg_not_so[at]hotmail.com (Greg) wrote: - quote - > If I move out of my current primary residence, which is a
Greg,> personal asset, and rent a place, would this turn this piece > of real estate into an investment asset for Sec 1031 > purposes? Sure, it's done. It's the timing that needs attention. I don't think that there are firm rules on how long it must be an income property before heading into a like-kind-exchange. I think the rules of practice are don't have both events show up on the same year return. I have a question on the opposite. If you have an income property that had an a 1031 exchange in its purchase and you decide to move in yourself and make it your person residence what if any are the tax impacts? Is it reported anywhere or does the income property just disappear? BC << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-15-2004, 12:28 AM
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| 1031 like kind exchanges If I move out of my current primary residence, which is a personal asset, and rent a place, would this turn this piece of real estate into an investment asset for Sec 1031 purposes? Thanks, greg << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1031, exchanges, kind |
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