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#1
03-21-2005, 04:26 AM
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 Re: 1031 excahnge question "syedk01[at]hotmail.com" <syedk01[at]hotmail.com> wrote: - quote - > I recently purchased a new home and turned around and sold
If you bought the house as a second home, you would have> it. The date of the purchasing and the sale are about 30 - > 45 days. I would like to take the proceeds and buy rental > property worth more than the selling price of the house. I > did buy the house as a "second home". I would like to > "shelter" the "short term capital gains" by doing a 1031 > exchange within 30 days. I have already identified the > rental properties. > Has anyone done this before? Is this allowable by the IRS? trouble convincing the IRS that you bought it for investment purposes, without having rented it out. 1031 exchanges aren't available for personal-use assets. -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-21-2005, 03:48 AM
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| Re: 1031 excahnge question "syedk01[at]hotmail.com" <syedk01[at]hotmail.com> wrote: - quote - > I recently purchased a new home and turned around and sold
No. Nobody has ever done a 1031 exchange before. <gr> it. The date of the purchasing and the sale are about 30 - > 45 days. I would like to take the proceeds and buy rental > property worth more than the selling price of the house. I > did buy the house as a "second home". I would like to > "shelter" the "short term capital gains" by doing a 1031 > exchange within 30 days. I have already identified the > rental properties. > Has anyone done this before? - quote - > Is this allowable by the IRS?
No, because in your research I guess you missed the partabout not receiving the proceeds in the sale. Or the part about the properties in question being business or investment property and not personal property. -- 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
03-17-2005, 04:54 AM
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| 1031 excahnge question I recently purchased a new home and turned around and sold it. The date of the purchasing and the sale are about 30 - 45 days. I would like to take the proceeds and buy rental property worth more than the selling price of the house. I did buy the house as a "second home". I would like to "shelter" the "short term capital gains" by doing a 1031 exchange within 30 days. I have already identified the rental properties. Has anyone done this before? Is this allowable by the IRS? Sk << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| 1031, excahnge, question |
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