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1031 exchange - Tax Florida
Hello,
Can someone help me. I have 4 houses in Florida. One of them I want to sell and buy next house.
I want to do it as 1031 exchange and I have few questions can someone help me? Thanks so much!
My purchase price was 380K I will sell house for 520K - commissions etc 495k for me. I put in renovation of the house around 40k. For how much I need to buy new house to don't pay tax? All was paid by cash.
Do I need to buy it for 495K or just for difference amount that I earned from it
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- Attorney / Qualified Intermediary
- Cincinnati, OH
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Pawel, to be clear this is a ball park estimate still not having depreciation information, not knowing your tax bracket, and assuming that closing on the sale would occur at a time that results in more than 12 months between acquiring the property and closing on sale... your tax bill would probably be between $11,250 and $15k.
- Steve Wolterman
