Saturday, October 29, 2011

If I have only lived in my home for 8 months and sell it for a gain, but am buying a new home, do I pay taxes?

I am married so I would normally be exempt up to 0k in gains if I had lived there 2 years. I believe this falls under the section 1031 "like kind exchange" but am uncertain. Thanks!
As a response to the first three answers...My wife and I have lived in this house for 8 months and just sold it for a net gain and have since purchased a new home that will now be our new primary residence.

My question is based on the fact that if we had a hypothetical sale price of 0,000, but subsequently agree to amend the price upwards to 5,000 but agree

1031 Exchange Requirements...Read More...

No comments:

Post a Comment