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#2
08-23-2005, 04:52 AM
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 Re: 1031 exchange - quote - > > If this isn't possible, we were also wondering if there was
But you don't have to sell it to yourself to convert it to> > some way to sell the current primary residence to ourselves > > to start fresh and treat it as investment property. > You cannot sell something to yourself. investment property. You can just move out and rent it. I think your basis would be what you originally paid for it, but any improvements made after you start renting it would add to the basis. I'm not a tax guy, but I did this once myself several years ago and it seemed to work! Subsequent to that, I did a 1031 with that property for a more expensive property with more annual depreciation. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
08-21-2005, 12:29 AM
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| Re: 1031 exchange "genetichealth[at]hotmail.com" <genetichealth[at]hotmail.com> wrote: - quote - > I am converting my primary residence into rental property,
No. You have to ACQUIRE a property.> and am wondering if I sell some of my other rental > properties, can I use the 1031 exchange rule to use the > proceeds to pay down the mortgage on my > was-primary-residence-now-rental-property. - quote - > If this isn't possible, we were also wondering if there was
You cannot sell something to yourself.> some way to sell the current primary residence to ourselves > to start fresh and treat it as investment property. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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08-18-2005, 04:52 AM
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| Re: 1031 exchange <genetichealth[at]hotmail.com> wrote - quote - > I am converting my primary residence into rental property,
No. That isn't even close to a like-kind exchange.> and am wondering if I sell some of my other rental > properties, can I use the 1031 exchange rule to use the > proceeds to pay down the mortgage on my > was-primary-residence-now-rental-property. You can't defer the gains even if you used the proceeds to pay down an existing rental/investment property. - quote - > If this isn't possible, we were also wondering if there was
Once again, no. You can't do a like-kind exchange with> some way to sell the current primary residence to ourselves > to start fresh and treat it as investment property. yourself. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
08-17-2005, 03:31 PM
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| 1031 exchange I am converting my primary residence into rental property, and am wondering if I sell some of my other rental properties, can I use the 1031 exchange rule to use the proceeds to pay down the mortgage on my was-primary-residence-now-rental-property. If this isn't possible, we were also wondering if there was some way to sell the current primary residence to ourselves to start fresh and treat it as investment property. Thanks! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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| 1031, exchange |
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