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The conditions under which you can defer taxes on the sale of a rental property
Source:
washingtonpost.com
- Dec 6, 2019
Q: My wife and I are about to sell a Chicago rental property we purchased together. The house was our first home, and we moved out about seven years ago.
After we moved out, we rented out the property. We transferred the property to our Schedule E on our personal joint income tax return, and when we sell, we should receive around $100,000 in proceeds. We would like to have the proceeds deposited in a company account and use them to buy and rehab properties, but we don’t want to do a 1031 exchange.
How can we avoid paying taxes on these proceeds? Would that be a function of our adjusted cost basis on the property?
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Category: General Business
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