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All Forum Posts by: Michael Plaks

Michael Plaks has started 104 posts and replied 5122 times.

1031 Exchanges

Post: How to go about setting up a 1031 exchange

Michael Plaks
#1 Tax, SDIRAs & Cost Segregation ContributorPosted
  • Tax Accountant / Enrolled Agent
  • Houston, TX
  • Posts 5,177
  • Votes 6,072

Pamela, 1031 exchange is for exchange of investment properties, which generally means rental properties. It does not work for flips.

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Selling first flip, question about capital gains

Michael Plaks
#1 Tax, SDIRAs & Cost Segregation ContributorPosted
  • Tax Accountant / Enrolled Agent
  • Houston, TX
  • Posts 5,177
  • Votes 6,072

Cory,
How is this a "flip" if you owned it for 3 years, and lived there for 2 of them? It sounds to me like a personal property.

0 Votes