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Message
re: Gains from Sale of House
Posted on 11/28/16 at 2:58 pm to LSUFanHouston
Posted on 11/28/16 at 2:58 pm to LSUFanHouston
quote:
LSUFanHouston
I thought 1031 was the term for when using proceeds from real estate transaction for another real estate transaction.
We are splitting the proceeds 50/50. Doubt a judge will ever get involved in our divorce. We have agreed on everything and just paying a lawyer to file the paperwork.
So based off of my number it looks like we are splitting roughly $14k. I was just unsure of the tax implications.
Thank you!
1
Posted on 11/28/16 at 5:13 pm to ThatsAFactJack
quote:
I thought 1031 was the term for when using proceeds from real estate transaction for another real estate transaction.
It is when you are rolling the proceeds from the sale of one business real property into another.
Personal residences instead have the exclusion provisions.
No worries, it's easy to get confused
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