The law that allows homeowners to exclude up to $500,000 of gain is not a “once-in-a-lifetime” situation. It can be used over and over again. The only conditions are that the property must be owned and lived in two out of the five years before it is sold.

Filed under: 1031 Starker Exchange, Legal Advice in Common Scenarios, Money-Saving, Renting, Tax Issues, VRN | No Comments »

Image by lumaxart via Flickr DOES ANY OF THIS SOUND FAMILIAR? * “I’m tired of managing property and dealing with tenants.” * “I’ve got tenants/family members that don’t pay me enough, but I just don’t have the heart to raise their rent or kick them out.” * “I refuse to pay all those capital gains [...]

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DEAR BENNY: I understand that a couple is allowed up to $500,000 free from taxes on any profit made in their residence when it is sold. My situation is this: I sold one investment condo and bought another one under the 1031 exchange, and later sold the house I lived in and made the 1031-exchanged [...]

Filed under: 1031 Starker Exchange, Current Events, Legal Advice in Common Scenarios, Real Estate Market, Selling, Tax Issues | No Comments »