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Financial Planning / Tax Strategies


Subject:  Re: real estate sell Date:  10/22/2006  8:12 PM
Author:  NaggingFool Number:  89196 of 127613

isnt it true that if he buys "like property" within a certain period
of time, he only pays tax on the dif between what he paid and what he sold...

Only the 1031 exchanges already discussed in this thread. They must be set up BEFORE the sale.

or is it that he gets a one-time sale of his home, and if he buys a new home with the $$, there is no tax involved...

and isnt there some kind of benefit for a one-time sale of your home
once you have reached a certain age???

Nope, those are both older tax laws. Tax law changes. Now there is a $250,000 exemption on gains from the sale of your personal residence if you've living in it for two years out of the previous five years.

- Megan

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