Home Sale. Deferral or Exclusion of Gain? Part II.
I vaguely recall from 25+? yrs ago, something about a one-time only exclusion of capital gains for home sale and being connected w typical retirement age, but ---- in re-reading your posts re 1031, and wiki link, I found nothing relating to one-time or age restrictions. Also in reviewing several irs.gov & other links included in my post, I saw nothing on those two points, but I certainly coulda missed it.
Altho it may be irrelevant to actions/motives of any ppl directly involved in case, I don't want spread inaccurate info on 1031 exchanges. Can you find link w quote re one-time or age restrictions as currently applicable to Sec. 1031 like-kind exchanges? Thx in adv.
As always, I welcome comment, clarification, correction, esp'ly from our professionals in r/est, tax, or law.
{ETA: Just 'read back' and caught your post - deferring to @lamlawindy, so no need to look for a link.}
@BuySellTrade About the M's income & tax situation, you are absolutely, positively right: I/we have no idea about what their numbers are.Of course we at WS have no idea of the income and tax situation of SM and BM. The 1031 is for someone active in the real estate business to flip time to pay capital games into the future by acquiring a new asset when selling another. The one time sale of a principal residence is a one time exclusion and the Morphews are probably too young take that tax exclusion now. But who knows?
I vaguely recall from 25+? yrs ago, something about a one-time only exclusion of capital gains for home sale and being connected w typical retirement age, but ---- in re-reading your posts re 1031, and wiki link, I found nothing relating to one-time or age restrictions. Also in reviewing several irs.gov & other links included in my post, I saw nothing on those two points, but I certainly coulda missed it.
Altho it may be irrelevant to actions/motives of any ppl directly involved in case, I don't want spread inaccurate info on 1031 exchanges. Can you find link w quote re one-time or age restrictions as currently applicable to Sec. 1031 like-kind exchanges? Thx in adv.
As always, I welcome comment, clarification, correction, esp'ly from our professionals in r/est, tax, or law.
{ETA: Just 'read back' and caught your post - deferring to @lamlawindy, so no need to look for a link.}
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