Posted by dealmaker on October 25, 2005 at 07:52:26:
In Reply to: 1031 exchange with 121 exclusion posted by Beth CA-FL-GA on October 24, 2005 at 22:10:27:
Sorry Beth, you're in the same boat I am. The five year rule (stupidly IMO) applies to any property SOLD as of that date. So if you had met the previous rules and been in escrow to sell on Oct. 23rd you would have been HOSED, thanks to those moronic, gutless asholds in Washington DC. I acquired mine in Oct 01 and I have to wait until Oct. 06, sorry, join the club.
Of course it's still better than having to have paid the 20% to the feds plus the XX? to CA. My acquired property is in TX and I'll pay nothing. Of course I'd have been money ahead to just have held another year, and paid the full load on taxes, since 2% appreciation would be HUGE in TX.
dealmaker
- Re: 1031 exchange with 121 exclusion Beth CA-FL-GA 12:16:26 10/28/05 (0)