Eaton Realty
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.
Can I Do a 1031 Exchange on My Primary Residence?
“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.”
View in the company profileWhat Happens If I Miss a Deadline?
“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.”
View in the company profileCan I Receive Any Cash from The Transaction?
“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.”
View in the company profileDo I Have to Buy Property in Florida to Complete a Florida 1031 Exchange?
“No. You can sell property in Florida and purchase replacement property anywhere in the United States, as long as it meets like-kind requirements.”
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