Connecticurt is not friendly to manufacturing, businesses, oor their hardworking taxpaying citizens in general.

Christopher Morales,I have had the IRS release liens so the taxpayer can move in certain circumstances if it would cause a hardship.

The goal is GDP.Consider to the increase in population of tax payers over twenty years.

this was part of the Military Family Tax relief Act of 2003 .Taxpayers may exclude gain on a home sale, provided they have owned and used the home as a principal residence for two of the five years before the sale.

In any case, could you recommend a basic guide/strategy around what to expect and how best to prepare to capitalize on this opportunity (homework, how much capital, bidding, continuing to make the quarterly tax payments, foreclosure, risks)?

Based on my due diligence there is no existing mortgage, and the only recorded judgments or encumbrances against the owner/taxpayer (besides the IRS tax lien) are a $900 hospital judgment and $6300 in property taxes, but based on the opening bid and what the FMV is, that's not a big deal.

Hi Justin,The portion of the property that has been used as the taxpayer's primary residence should qualify for the tax-free exclusion of up to $250,000 if single and $500,000 if married pursuant to Section 121 of the Internal Revenue Code.I'm not sure about the rest of the property.

The $500 number is based off the new regulations for taxpayers without a financial statement.http://tax.cchgroup.com/downloads/files/pdfs/legislation/repair-capitalization-regulations.pdf

You'll need a realtor for that.HCAD also shows the market value, which is usually different from appraised value, of every property on their taxpayer database.

If you acquire your new investment property in a LP, LLP or multiple member LLC, then you have effectively acquired the new property in another taxpaying entity, which  will not qualify for your 1031 Exchange.