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re: Can someone help me understand capital gains tax?
Posted on 3/24/19 at 7:34 pm to Leon Spinks
Posted on 3/24/19 at 7:34 pm to Leon Spinks
You can do a 1031 exchange into your next primary residence. That should help.
1
Posted on 3/25/19 at 12:43 pm to castorinho
quote:
LSUfanhouston will probably know the answer, but this seems like it'd fail the "use test."
You can only have one primary residence. If the OP has moved into a new house, then yes, he would fail the use test. The IRS if this were to get looked at, would look at things such as, when did he change his address on DL/voting rolls, car insurance, homestead exemption, etc.
The trick would be, the OP would need to make it seem like the old house continued to be the primary residence, and it just took him three or more months to get the new house ready, and move in. But all the actions OP takes would need to support that.
Posted on 3/25/19 at 12:44 pm to bayoubullish
quote:
You can do a 1031 exchange into your next primary residence. That should help.
Can't do a 1031 for personal-use real estate.
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