Wednesday, February 22, 2006

Reminder on 1031 Tax Exchanges

Effective for purchases after October 22, 2004, when a rental residence was acquired in a tax-deferred Internal Revenue Code 1031 exchange, the property must be owned at least five years, and owner occupied at least two years, to qualify for the Internal Revenue Code 121 principal residence sale exemption up to $250,000 (up to $500,000 for a qualified married couple). For more information, please consult your tax advisor.

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