Information About Taxes ?

I need to Know wich one if the right rule for taxes when you sale a home, The 1031 exchange or 500.000 $ tax free ?

Please send all the information you can about it confused null

Comments(3)

  • cjmazur16th May, 2005

    The 2 situations you describe are like night and day. One if for primary residence and the other is for an "investment" asset.

    If you sell your primary residence, and meet the requirements, you can take up to 500K of the profit tax free.

    If you sell an investment property and meet the requirements, you can roll-over your profits into another investment (e.g. defer your taxes)

  • joecrane16th May, 2005

    I think you are selling your primary residence from the way you worded your question.

    If so, you are allowed 250K deduction for a single person or a 500K deduction if married on the profit on the house. This is a Section 121 deduction.

  • jdiazz17th May, 2005

    Thank you for your information cjmazur, can you let me know where I can find more information about If selling an investment property and meet the requirements.

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