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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Sat, 15 Oct 2005 08:14:09 -0600 /

Author of the message: "Dan G"

Title of the message:

Re: 1031 exchange

Text of the message:

There is no specific tax code regarding "intent". I've heard so-called
experts say anything from 6 months to 2 years of rental. It really depends
on the IRS investigator who's doing your audit. I'm pretty sure that "2
weeks" would not convince anyone. There's no rush to sell your current
residence either, you can rent it out for 3 years and still get the 250k
exemption.
"Spin" <Spin@spin.com> wrote in message
news:3rcgfvFirvknU1@individual.net...

> Thanks. Regarding the 1031 exchange - I know I can sell the rental house
> (which I own outright) and put the money into escrow and use the escrow
> funds to buy and equal or higher value house. Now this is what I don't
> know. I believe I have to show rental intent - by renting it out maybe at
> least two weeks, then I can move into it, and sell the house I have a
> mortgage and keep the $250,000 exemption. It's the second part I am not
> clear on the tax law.
>

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