ANSWERS: 3
  • 1031exchange: After selling your house all funds will be put in a trust account you will have 90days to reinvest this funds into another house...any profit from the sell will go towards the new house or investment and it wont be tax!!! not a tax person..but I am sure IRA will be another way to put your funds to work for you without being penalize, If I was you...I would invest on rentals,great time to buy great time to rent..you cannt never go wrong if you buy low!! and these are the times..but try to find a foreclosure/bank owned home..this are the best deals right now. good luck to you
  • 1031s are very large...see your cpa
  • When did/will you sell? Please review IRS Form 8824 ... http://www.irs.gov/pub/irs-pdf/f8824.pdf DO NOT miss your 45-day identification and 180-day exchange deadlines, as this will disqualify the entire exchange. Reputable Qualified Intermediaries will not act on back-dated or late identifications.

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