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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
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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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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.