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Updated about 4 years ago,

User Stats

41
Posts
8
Votes
Julie J.
  • 98003 90623, 95133
8
Votes |
41
Posts

Buying another property via 1031 exchange

Julie J.
  • 98003 90623, 95133
Posted

1) I bought this home in prior to marriage and it has over 500k in equity. I am trying to sell it and buy another property via 1031 exchange, but will I owe taxes because my husband is not on the title?

Ex. 500k deduction is not allowed because I bought it as a single woman.

2) what happens if I buy another home as "second home" and sell above home afterwards, can I still sell it under 1031 exchange and receive tax benefits?

Ex. I am worried about second home is not being the same investment property.

Someone please answer!!!

Thank you in advance

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