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Updated over 1 year ago,
Taxes on a break even sale?
I sold my primary residence/investment triplex last August 2022 and purchased a property through a 1031 exchange. I used $250k (personal exemption for the primary residence portion of the sale) and then $250k (in the 1031 exchange account) to complete the sale. If it matters, the process of evicting squatters for the last 6 months has drained any motivation I had in rehabbing the property and just want to invest out-of-state. I have 3 questions…
- Are there taxes on the sale if I break even?
- Do I have to do another 1031 exchange on the entire $500k?
- Can I get the $250k that was the personal exemption back without being taxed?