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Updated over 7 years ago on . Most recent reply

User Stats

29
Posts
2
Votes
Samson Tefera
  • Houston, TX
2
Votes |
29
Posts

1031 exchange, newbie question

Samson Tefera
  • Houston, TX
Posted
Just finished rehab on my first property. Wanted to sell but reuse profit from this house into another property using 1031 exchange. Do I need to tale to a professional that handles 1031 exchange before listing property for sale?

Most Popular Reply

User Stats

124
Posts
93
Votes
Eddie Egelston
  • Residential Real Estate Broker
  • Crystal Lake, IL
93
Votes |
124
Posts
Eddie Egelston
  • Residential Real Estate Broker
  • Crystal Lake, IL
Replied

The IRS has some bad news for you... You have to pay taxes on flips.

1031 exchange does not apply. You might want to read some basic info on the topic before contacting a professional.

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