0
What else can I help you with?
Can I use a 1031 exchange to buy my primary residence?
No, a 1031 exchange cannot be used to buy a primary residence. It is specifically for investment or business properties.
Can I use a Section 1031 exchange to defer capital gains taxes on the sale of my personal residence?
No, Section 1031 exchanges are typically used for investment or business properties, not personal residences.
Can I use my parents' address as my permanent address?
Yes, you can use your parents' address as your permanent address if you live there and consider it your primary residence.
How does a 1031 exchange work in California?
A 1031 exchange in California works like this—you sell an investment property and reinvest the money into another “like-kind” property, and you don’t pay capital gains tax right away. The key is timing. You’ve got 45 days to find the new property and 180 days to close on it. The property has to be for investment or business use—so your personal home doesn’t count. Also, you have to use a qualified intermediary to hold the money during the swap; you can’t touch it yourself. I came across ALT Financial Network, Inc. when I was digging into 1031 exchange California, and they had some helpful resources on the process.
Do real estate investment trusts qualify for 1031 exchanges?
The trust can qualify if it sells a property and wants to buy another. The individuals who own shares in the REIT cannot use section 1031 to defer the taxes on their income or other gains from the trust.
Can I use a 1031 exchange to buy my primary residence?
No, a 1031 exchange cannot be used to buy a primary residence. It is specifically for investment or business properties.
Can I use a Section 1031 exchange to defer capital gains taxes on the sale of my personal residence?
No, Section 1031 exchanges are typically used for investment or business properties, not personal residences.
Where can one find 1031 exchange properties?
There are many ways one can use a 1031 exchange. If one seeks more information on the 1031 exchange process and 1031 exchange properties, one might consult a Forbes professional.
Can you sell a property with a 1031 exchange and use the money to buy into a business rather than another investment property?
no, a 1031 exchange is only for going from property to property
Can you use your condo your primary residence for a equity line of credit?
If you live there, of course. If you do not live there, then it is not you 'primary residence'.
What happens in a 1031 Land Exchange and what are the potential tax consequences?
A 1031 Exchange is great for owners or investment real estate. It allows the owner to sale the investment land and use the funds to purchase a "like kind" property and not be liable for capital gaines taxes.
Do i qualify for the tax credit if i bought my house as 2nd home but actually live in it?
The key here is this. Is the second purchase your PRIMARY residence? If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.
Can I use my parents' address as my permanent address?
Yes, you can use your parents' address as your permanent address if you live there and consider it your primary residence.
How would you use residence in a sentence?
This is the residence of Eddie Murphy.... ;)
Is it legal to use an address that you do not reside?
What is meant by "use?" Many people own second houses or summer/winter vacation locations. For legal and taxtion purposes however, you MUST choose only one residence as your PRIMARY residence (usually defined as where you spend more than 6 months +1 day a year).
Do real estate investment trusts qualify for 1031 exchanges?
The trust can qualify if it sells a property and wants to buy another. The individuals who own shares in the REIT cannot use section 1031 to defer the taxes on their income or other gains from the trust.
If you travel the states for 2 years do you need to change your auto insurance in each state or do you continue to use your original insurance?
You are required to maintain your auto insurance in your state of primary residence. It will follow you when you travel or visit other states. The key here is "Residence". If you take up residence in any of the states that you travel too, then you are required to notify your insurer and change your insurance within 30 days of taking up residence. You are also required to obtain a drivers license in your new state of residence within 30 days.
