Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Friday, February 24, 2006
Exchanging Between States
Q:
Exchange Question
What if I sell Florida then use only some of the money for another property in another state? Or can I use it to pay off one of the other financed properties?
A:
Like kind replacement real property can be in any state; not just the one where the original property was located.
If you reinvest less than the net sales price, you will have to report as taxable income the difference; the amount you missed the target replacement price by.
Paying off loans on property you already own is not a like kind investment. You have to acquire new property.
Your personal professional tax advisor should be able to help you with real numbers for your unique circumstances.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 2/24/2006 10:55:00 PM Send this post:
