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Updated over 3 years ago on . Most recent reply
1031 Exchange Form; When and how to apply it?
When and how do you report a 1031 Exchange to the IRS? I am buying a property and I will flip it after is fixed. Any suggestions? Thanks.
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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Originally posted by @Roberto Vasquez:
Hi Dave,
Looks more complicated than I thought. My intentions is to flip the house as soon as possible, and I thought that selling the house and use the money to reinvest it will be enough to avoid capital gains. Thank you for your response. I will look into it.
It’s taxed as ordinary income, plus ss/med self employment tax....not eligible for a 1031 or cap gains.