Duplex And Spec And 1031
I am a new builder in Florida, and I have 2 duplexes for sale and I am currently building another duplex and a spec home.
I have owned the land for the Duplexes for almost a 12 months, and the Duplexes on that land have been completed for 3 months.
Is there a minimum time you must own the properties in order to use the 1031 program to defer the Capital gains tax, and is it the time you owned the land or since the improvements were made?
Any information on selling spec homes - will that be regarded as income from the construction business or will it need to be taxed for Cap Gains as an investment property?
Talk to an attorney that specializes in 1031 exchanges. I know you can get some free guidance simply by calling Bayview Financial Exchange Services toll free at 866-903-1031.
They charge $450 to handle the exchange (if it qualifies). Good luck!
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