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Casual Articles - How to Convert to a Primary Residence after a 1031 Exchange
Last spring in 2005, people across the planet were turning their attention to DxInOne, an online - offshore investment concern based on the tropical island of Vanatu. Although it had visions of other pursuits in the works, at the time DxInOne's claim to fame was (and is) its role as an
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Investors have 45 days following the sale of their old properties to find a new one and to comply with particular written notice provisions, as outlined by the IRS. The purchase of the new property must then close within 180 days. If those provisions are met, the investor will pay no federal income taxes on the property, assuming the new property is an investment like the one just sold. The replacement property must be of equal or greater value.
The property can be multiple houses, farms, or other real estate, but it can't be the investor's principle residence. The IRS prohibits using a 1031 exchange for the purchase of a new home. However, there is an exception to that rule. If the investor rents out a home for two years following the exchange, that house can then be converted to the investor's place of residence, since the home was initially used to fulfill the stipulations of a 1031 exchange, which specify that an investment hou
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Investors have 45 days following the sale of their old properties to find a new one and to comply with particular written notice provisions, as outlined by the IRS. The purchase of the new property must then close within 180 days. If those provisions are met, the investor will pay no federal income taxes on the property, assuming the new property is an investment like the one just sold. The replacement property must be of equal or greater value.
The property can be multiple houses, farms, or other real estate, but it can't be the investor's principle residence. The IRS prohibits using a 1031 exchange for the purchase of a new home. However, there is an exception to that rule. If the investor rents out a home for two years following the exchange, that house can then be converted to the investor's place of residence, since the home was initially used to fulfill the stipulations of a 1031 exchange, which specify that an investment ho
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The property can be multiple houses, farms, or other real estate, but it can't be the investor's principle residence. The IRS prohibits using a 1031 exchange for the purchase of a new home. However, there is an exception to that rule. If the investor rents out a home for two years following the exchange, that house can then be converted to the investor's place of residence, since the home was initially used to fulfill the stipulations of a 1031 exchange, which specify that an investment ho
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The property can be multiple houses, farms, or other real estate, but it can't be the investor's principle residence. The IRS prohibits using a 1031 exchange for the purchase of a new home. However, there is an exception to that rule. If the investor rents out a home for two years following the exchange, that house can then be converted to the investor's place of residence, since the home was initially used to fulfill the stipulations of a 1031 exchange, which specify that an investment ho
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If an investor chooses to take that route, after five years from the date of the new home's purchase, that home can then be sold and the taxes excluded, due to an IRS exclusion for the sale of a primary residence, which can be $500,000 for married couples and $250,000 for an individual.
This can be a great way to avoid taxes on a significant amount of profit from investment in houses, but you'll want to make certain you have followed the tax code meticulously. If you want to learn more about 1031 tax-free exchanges, you can visit www.irs.gov and consult with your own tax consultant, accountant, or attorney. It could save you thousands of dollars while you're moving up the ladder in your overall real estate investment strategy.
Copyright © 2006 Jeanette J. Fisher.
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