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Q:
I read with interest your answers to questions concerning 1031 exchanges, particularly converting a rental home to personal use.I have a rental home acquired in May 2004 thru a 1031 exchange. Due to some unforeseen circumstances, I may need to move into this home and make it my personal residence as of August 2005. My tax preparer indicates to me that if I live in it for 2 years I will be able to use the tax free exclusion due to the fact that the exchange was done before October 2004 when the 5 year rule was put in place.He indicates that any exchanges or sales done before October 2004 are covered by the old 2 year rule.
I would appreciate your opinion on this matter.
A:
I covered this here:
http://www.taxguru.net/2004/10/selling-converted-exchange-property.html
Kerry Kerstetter
A reminder to please use the search tool at the top of this page to see if I have already discussed a topic before sending me questions. I use it all the time myself to go back over the several years of postings. I do not have time to repeat myself or send everyone the links to individual postings.
Labels: 1031
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/26/2005 06:45:00 PM Send this post:
