Monday, August 21, 2006
Does Your Personal Residence Qualify for a 1031 Exchange?
We all know the IRS rule about exempting the first $500,000 for married people and $250,000 for single individuals from the capital tax gains when selling a property you have lived in for the last two out of five years. However, there is a possibility depending upon what that property was used for during the other three years of that five year period that your personal residence can qualify for a tax free exchange. Here is a very interesting article explaining the Personal Exchange.