Ct Real Estate For You - Lawren Hubal

Connecticut Real Estate for you
provided by
Lawren Hubal


Trumbull, Monroe, Newtown, Shelton, Easton and Fairfield County CT Real Estate


		CT. Real Estate for You -TAX DEFERRED SALES
		Most of us are aware that since 1997 couples can realize up to a $500,000 gain on the sale of their primary residence ($250,000 singles) without incurring any capital gains tax (under section 121 of the Tax Code). But what about gains on investment or rental properties? Not to worry, Section 1031 Exchanges offer great relief to individuals or groups with gains on investment or rental property. The 6 Essentials of "1031" Ct. Real Estate Tax Exchanges 1) The old and the new property must be investment property 2) From the date of closing on the sale of the old property you have 45 days to identify a list of potential new properties you might buy. 3) Also from the date of closing on the sale of the old property, you have 180 days to close on the purchase of a new property from your 45 day list. 4) By law neither you nor any agent or friend of yours can touch the money; you must a Qualified Intermediary to hold the funds. 5) Whoever holds title to the old property must take title to the new property. In order to defer all taxable gains you must roll over ALL of the proceeds from the sale of the old and purchase something of equal or greater value.