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Q: 1031 Tax Deferred Exchange ( No Answer,   0 Comments )
Question  
Subject: 1031 Tax Deferred Exchange
Category: Business and Money > Finance
Asked by: tibiaron-ga
List Price: $20.00
Posted: 22 May 2005 07:14 PDT
Expires: 22 May 2005 07:19 PDT
Question ID: 524298
I am acquainted with a normal 1031 Tax Deferred Exchange.  My question
goes one step further. Here is the deal,  I have a house which is paid
for.  I have been renting it out.  I want to sell it, but will face a
huge capital gain tax on it.  I want to sell the house and use the
1031 Tax Deferred Exchange to move the cap. gains liability to a new
rental property.  I know this is strait forward and simple.  The
question is, CAN I USE THE 1031 TAX DEFERRED EXCHANGE IF I SELL THE
HOUSE ON CONTRACT AND RECEIVE PAYMENTS, BUT I BUY THE REPLACEMENT
PROPERTY WITH CASH FROM SAVINGS?  A correct answer consists of telling
my how to do this, or supplying a web site which tells me now.  A
general tax attorney site is not adequate, I want a site which
specifically deals with the question at hand.
Answer  
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