Eaton Realty is a full-service real estate brokerage based out of Lithia, FL that helps Tampa Bay residents buy, sell, rent, and manage homes.
“No. A primary residence does not qualify for a 1031 exchange under IRS Code Section 1031. However, there may be other tax exclusions that apply to the sale of a primary home. A tax professional can help you understand your options when it comes to paying taxes on the sale of your primary residence.”
“If you miss either the 45-day or 180-day deadline, then your 1031 exchange will be disqualified, and you will owe capital gains taxes on the sale. The IRS does not grant extensions for like-kind exchanges except in rare, officially declared disaster situations.”
“Yes, but it may trigger taxes. Any cash or non-like-kind property you receive as part of the transaction is considered “boot.” It will be subject to capital gains taxes.”
“No. You can sell property in Florida and purchase replacement property anywhere in the United States, as long as it meets like-kind requirements.”
Download this profile and inspect its supporting evidence.