Comments on: If I can not rent my rental property? http://www.quickpropertysale.me.uk/rent-property/if-i-can-not-rent-my-rental-property/ Sell your property quick Tue, 13 Jul 2010 18:08:58 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: tro http://www.quickpropertysale.me.uk/rent-property/if-i-can-not-rent-my-rental-property/comment-page-1/#comment-6833 tro Sun, 17 Jan 2010 16:40:44 +0000 http://www.quickpropertysale.me.uk/rent-property/if-i-can-not-rent-my-rental-property/#comment-6833 sorry, you are just going to be subject to cap gain(if you make a profit) the provision of using your proceeds to reinvest in another went out a long time ago, and it would not apply here for you anyway because it would not be like kind investment(since you would be using it as a residence) sorry, you are just going to be subject to cap gain(if you make a profit)
the provision of using your proceeds to reinvest in another went out a long time ago, and it would not apply here for you anyway because it would not be like kind investment(since you would be using it as a residence)

]]> By: Bostonian In MO http://www.quickpropertysale.me.uk/rent-property/if-i-can-not-rent-my-rental-property/comment-page-1/#comment-6832 Bostonian In MO Sat, 16 Jan 2010 12:39:12 +0000 http://www.quickpropertysale.me.uk/rent-property/if-i-can-not-rent-my-rental-property/#comment-6832 You can defer capital gains taxes if you do a Section 1031 exchange, however you can NOT live in the property if you do so. I wouldn't even hazard a guess as to how you'd handle that while splitting out a partnership, or even if it's possible to do so. If you sell out and buy another property that you use as your home, the CG tax is due on the first property at sale time. Don't forget the depreciation recapture! (And don't forget it if you convert the new property to your principal residence either. Even if you qualify for the exclusion for sale of a principal residence, the depreciation recapture is still taxable.) You can defer capital gains taxes if you do a Section 1031 exchange, however you can NOT live in the property if you do so. I wouldn’t even hazard a guess as to how you’d handle that while splitting out a partnership, or even if it’s possible to do so.

If you sell out and buy another property that you use as your home, the CG tax is due on the first property at sale time. Don’t forget the depreciation recapture! (And don’t forget it if you convert the new property to your principal residence either. Even if you qualify for the exclusion for sale of a principal residence, the depreciation recapture is still taxable.)

]]>