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Tax Free Exchanges: Watch out for the New Residence Rules
On October 22, 2004, President Bush signed tax legislation that contained a provision affecting Internal Revenue Code section 1031 (the like-kind tax-free exchange rules). Under this new provision a taxpayer who exchanges under Internal Revenue Code section 1031 into a rental house as a replacement property for a previous investor property and later converts it to his or her primary residence, is not allowed to exclude gain under the principal residence exclusion rules of Internal Revenue Code section 121, unless he/she sells the property at least five years from the date of its acquisition. The results of this additional requirement to Internal Revenue Code section 121 is that anyone exchanging into a rental property that they such subsequently convert to personal use will have to wait at least five years from the date of acquisition before they can sell it as their residence and exclude any gain under Internal Revenue Code section 121. The change to the home seller rules of Internal Revenue Code section 121 became effective for principal residence sales occurring on or after October 22, 2004. Any taxpayer who previously acquired their current residence through a tax-deferred exchange within the past three years will now have to wait at least another two years before selling their home and excluding any gain, provided they meet the two out of the five-year occupancy test for living in the property. New legislation created in 1997/1998 allows taxpayers to exclude capital gains tax on their profits from the sale of their principal residence up to $250,000 for single taxpayers and up to $500,000 for married taxpayers provided they have lived in their principal residence for two out of the past five years. Taxpayers can exclude this gain any number of times provided they have met the two out of the five-year occupancy test. Good luck and until next time, Phil Craig P.S. Feel free to forward this on to any friends. Phil Craig is a licensed attorney and entreprenuer.He started practicing law at age 25 in 1979. He does not take on any more clients, but isadvisor to some of the biggest names in the internetworld. He shares his knowledge gained over thelast 25 years at his Living Trust Secrets newsletter site:click here=========>http://www.LivingTrustSecrets.com ** Attn Ezine editors / Site owners **Feel free to reprint this article in its entiretyin your ezine or on your site so long as you leaveall links in place, do not modify the content andinclude our resource box as listed above. If you do use the material please send us a noteso we can take a look. Thanks.
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InvestmentNews Apex Money Lending Expands Commercial Loan Offerings in Colorado for Real Estate Growth Detroit Free Press Q&A with Stuart Saft, Partner and New York Real Estate Practice Group Leader at Holland & Knight citybiz Real Estate Sold: July 16, 2025 The New Era | Sweet Home, OR Hamptons Real Estate Market Data – Week of 7/8/2025 Hamptons.com Mid-America Real Estate Corporation brokers sale of 67,146-square-foot shopping center in Oak Brook REJournals Commercial Real Estate Checklist – sponsored content MyWabashValley.com AEW Capital Management Closes $1.75 Billion Opportunistic Real Estate Fund Boston Real Estate Times Plymouth County Retirement seeks emerging markets equity, core real estate managers Pensions & Investments Combating real estate fraud in Tennessee WKRN News 2 Red Apple Real Estate Inks Four Garage Leases in New York Commercial Observer Chester County Leadership: Clarence Martindell, EVP of Commercial Real Estate Lending, Meridian Bank VISTA.Today Mortgage Rates Today: The States Offering Lowest Rates – July 15, 2025 Norada Real Estate Investments Greater Boston Real Estate Board hires ‘clear-cut favorite’ Jackie McCarthy Boston Agent Magazine Halstatt Real Estate Partners Announces the Opening of Swell by Soltura in Bonita Springs, Fla. citybiz Lakeland commercial real estate giant expands into North Carolina Business Observer Drake Real Estate Partners closes largest fund yet after pivoting to institutions Private Equity Real Estate | PERE Tilman Fertitta spent $270M for real estate on the Strip. 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The Arizona Republic Northwest Healthcare Properties Real Estate Investment Trust Announces July 2025 Distribution Yahoo Finance Likely a tear-down, estate sells for $86.5 million in Palm Beach Palm Beach Daily News Massive residential Cancun real estate development shut down for illegal land sales Riviera Maya News Wealth seminar aims to empower W-2 earners through real estate Long Island Business News Dropping Prices Keep Hope Alive For Real Estate Buyers Front Porch News Texas New Zillow tools aim to help buyers, improve agent workflows Real Estate News by RealEstateNews.com Metro seeks new real estate chief as Liz Price departs The Business Journals See how Sugar Land, Missouri City's real estate market fared in June Community Impact Solana’s Real-World Asset Boom: From Stocks to Real Estate Crypto Economy Arizona’s real estate market leverages AI and data tools to meet growing demand Arizona Digital Free Press 'Fish House' in Atlantic Beach reels in $15.5 million record sale The Florida Times-Union Brian Hamilton: Nevada County real estate update TheUnion.com Las Vegas: Tilman Fertitta spent $270M for real estate on the Strip. 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