 |
Tax-Deferred Exchange |
| |
 |
When selling real estate in Florida, how much time is allowed post-sale before the profits must be reinvested on another property. I understand there is a time limit, then taxes on profits apply. |
| |
| |
 |
If you're talking about one's own residence, there's no longer any rollover requirement for using the homesellers capital gains exclusion.
If it's income property, the federal Section 1031 tax-deferred (not tax-avoided) exchange requires you to identify the replacement property within 45 days and complete both transactions with 180 days. There are strict requirements that you declare your intentions in property written form in advance, and any money involved must be held by a qualified third party; you must not touch it. The whole thing is complicated and should be done under the guidance of a qualified facilitator.
Florida may have its own tax rules; I don't know about that. |
| |
|
Edith
Originally published on May 20, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
