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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: capital gains tax Posted by Jk on May 23, 2003 at 0:14 AM In Reply to: capital gains tax posted by Joe on May 21, 2003 at 9:58 PM : If I buy a house and live in it less than two years, I'm normally subject to capital gains tax. But, if I sell to move into another primary residence, is there some type of tax law that allows me to do this without any tax penalties? Joe, the answer to your question is NO. If it were income property or property held for investment (not personal residences) you could do a 1031 exchange for like kind property. I believe Sean may be thinking of the way things were before the Tax Reform Act of 1997. Look at the bright side, your tax dollars will be contributing to homeland security. Follow Ups: We're Both Wrong -- It's a Partial Tax Reduction SeanW 6:57 AM, 05/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : If I buy a house and live in it less than two years, I'm normally subject to capital gains tax. But, if I sell to move into another primary residence, is there some type of tax law that allows me to do this without any tax penalties? : Joe, the answer to your question is NO. If it were income property or property held for investment (not personal residences) you could do a 1031 exchange for like kind property. I believe Sean may be thinking of the way things were before the Tax Reform Act of 1997. Look at the bright side, your tax dollars will be contributing to homeland security. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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