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#66951 - 03/15/06 04:49 AM 1031 Exchange
zpcsc Veteran Member Registered: 08/29/05 Posts: 749 Loc: Florida	My DH and I are thinking of selling one of our investment properties, we would like to pay off his mom's home and keep it as an investment but she will stay living it. We are not going to change any of the paperwork because then we would loose the homestead and since she is over 65 and a widow, we would loose the the tax breaks. Is there anyway we can still do the 1031? We are in Florida and the taxes are extremely high that is why we would like to go this route. _________________________ Zoila Perez-Chanquet Keller Williams Realty http://www.zmiamirealestate.com http://www.miamihouseinfo.com http://activerain.com/zmiami http://zdowntownmiamirealestate.blogspot.com/
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#66952 - 03/15/06 11:49 AM Re: 1031 Exchange
Paul Oaks Major Contributor Registered: 06/23/04 Posts: 3370 Loc: Central Illinois	Not gonna work the way you want it. You would not be able to keep it in the mothers name to keep the senior freeze and the homestead. Quote: Originally posted by zpcsc: My DH and I are thinking of selling one of our investment properties, we would like to pay off his mom's home and keep it as an investment but she will stay living it. We are not going to change any of the paperwork because then we would loose the homestead and since she is over 65 and a widow, we would loose the the tax breaks. Is there anyway we can still do the 1031? We are in Florida and the taxes are extremely high that is why we would like to go this route. _________________________ Paul Oaks Oaks Real Estate Group
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#66953 - 03/15/06 02:10 PM Re: 1031 Exchange
zpcsc Veteran Member Registered: 08/29/05 Posts: 749 Loc: Florida	Thanks for the reply. I will just pay the capital gains on the property, it would work out better for us. _________________________ Zoila Perez-Chanquet Keller Williams Realty http://www.zmiamirealestate.com http://www.miamihouseinfo.com http://activerain.com/zmiami http://zdowntownmiamirealestate.blogspot.com/
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#66954 - 03/15/06 04:45 PM Re: 1031 Exchange
Carla in Colorado Springs Veteran Member Registered: 06/08/05 Posts: 899 Loc: Colorado Springs	Really, with the capital gain rate being 15% right now, it's not a bad time to have to pay it. _________________________ Carla Starkie Productivity Coach/ Associate Broker Keller Williams Realty http://CSColorado.com http://stereofame.com/cstarkie Find me on Facebook- Carla Cornett Starkie or Carley Starr (stage name) http://facebook.com/carleystarr
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