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What does it mean if a seller is doing a 1031 exchange?

A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new one that you purchase for the same purpose, allowing you to defer capital gains tax on the sale.

How do I avoid capital gains tax on home sale in California?

You do not have to report the sale of your home if all of the following apply: Your gain from the sale was less than $250,000. You have not used the exclusion in the last 2 years. You owned and occupied the home for at least 2 years.

What is the downside of a 1031 exchange?

You Are Taxed on Boot You can do a 1031 exchange for a property that is worth less than the property that you are selling, but then you have to pay capital gains taxes and accumulated depreciation recaptures on the boot.

What is a nontaxable exchange?

Nontaxable Exchanges - A nontaxable exchange is an exchange in which any gain is not taxed and any loss can not be deducted. If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you exchanged.

How can I avoid capital gains tax on my house?

6 Strategies to Defer and/or Reduce Your Capital Gains Tax When You Sell Real Estate Wait at least one year before selling a property. Leverage the IRS Primary Residence Exclusion. Sell your property when your income is low. Take advantage of a 1031 Exchange. Keep records of home improvement and selling expenses.

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