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Updated about 6 years ago on . Most recent reply

Ryan N.'s profile image
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Ryan N.
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Ryan N.'s profile image
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Ryan N.
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Ryan N.
14
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Buying & Selling Real Estate

1031 Exchange purshase house

Ryan N.
Posted

How or who determines if house I buy is eligible for 1031 exchange?

If I sell a house for 180k?

I really want to buy 2 house with the profit.  owe 89k paid 122k selling 180k.

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Christine Kankowski
  • Real Estate Agent
  • from Temecula, CA
  • Member since Oct 24, 2014
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Christine Kankowski
  • Real Estate Agent
  • from Temecula, CA
  • Member since Oct 24, 2014
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Christine Kankowski
  • Real Estate Agent
  • Temecula, CA
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Christine Kankowski
  • Real Estate Agent
  • Temecula, CA
Replied

1031 is exchanging one Investment property with another of the same value  (It can be 2 or 3, etc, but both have to be investment properties)

You need to reinvest the total value sold with amount buying.   Any money you keep out of the buying, you wll pay taxes on  

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