I Sold My House in Dallas

[ARYA]

5 minutes ago, paaparao said:

even primary home too. it is called 1031 exchange.

idigo chaduvuko

https://www.irs.gov/taxtopics/tc701

 

 

 

[akkum_bakkum]

5 minutes ago, paaparao said:

even primary home too. it is called 1031 exchange.

ee vishayam copilot ki kuda seppu...papam thappu chepthundi

The IRS does not allow a 1031 exchange for a primary residence. However, there are exceptions and strategies that can be employed to defer capital gains taxes on a primary residence. Here are some key points to consider:

• Primary Residence Exclusion: Under Section 121, you can exclude up to $250,000 in capital gains ($500,000 if married filing jointly) when you sell a primary residence if you’ve lived in it for at least two of the last five years.
   
• Converting to Rental: You can convert your primary residence into a rental property and then use a 1031 exchange to defer capital gains taxes. This requires establishing investment intent by renting the property for at least 12–24 months.
   
• Documentation: Keep thorough records showing the property was rented, including lease agreements, rental income, and advertising efforts.
   
• Section 1031: If you’ve lived in the property at least 2 out of the past 5 years before selling, you can claim the capital gains exclusion on the portion of the home used as a primary residence.

[paaparao]

48 minutes ago, ARYA said:

idigo chaduvuko

https://www.irs.gov/taxtopics/tc701

 

 

 

whatever man. 

ikkada main point keep bills with in affordable limit ayithe naa lavada lodi sodi. vochi edo pedda lafangi gaadi la edo side point pattukoni veladuthunnavu.

ila velade chala mandi innocents H1b meeda house owners ayyi irukku poyaru. 

 

[ARYA]

10 minutes ago, paaparao said:

whatever man. 

ikkada main point keep bills with in affordable limit ayithe naa lavada lodi sodi. vochi edo pedda lafangi gaadi la edo side point pattukoni veladuthunnavu.

ila velade chala mandi innocents H1b meeda house owners ayyi irukku poyaru. 

 

sandranna lekka sollu seppi malli frustrate itav endi vayya primary home capital gains gurinchi ie roju nerchukunav ga...anyways ne main point gurinchi..offcourse financial management is the primary thing for anyone's success, adi lekapote gudisipovatame adi H1 ina GC ina shitizens ina