Capital Gains Tax, 1031 Exchange

[Jesse McGuiness]

I really like Bigger Pockets I usually go to the site for answers.

We recently sold our first rental property in Las Vegas our plan was to buy a bigger house to lease. We asked the realtor about capital gains tax he said we would not have pay since we owned the house for more than two years. After the sale our accountant informed us it only applies if you have lived in the property. After we received the funds from the sale we found out about http://firstexchange.com/content/basics-1031-exchanges The information came to late for us but maybe this information can help a new investor.

Jesse