All Forum Posts by: Chris Combado

@Dave Foster@Jaime Duron, 

Thank you for the replies! I've been told both from others I've talked to. So it looks like I'll be reaching out to my CPA on this one. Either way I'm looking to eventually purchase a couple more properties after I do the sale. But not having to 1031 allows me a little more flexibility with the timeline of those purchases. This wouldn't be happening until potentially the end of the year either way but thank you!

I have a home that I bought while I was active duty. I lived in it for 2 years prior to turning it into a rental property. After I moved out, I separated from the military. I am past the 5 year mark since living in it. Reading up on the 2 out of 5 rule that can be extended up to 10 years for PCS moves, does that also apply to separation? Looking to see if I can just sell and not pay capital gains, or if I'll need to 1031. 

Thank you!

Chris

Thank you everyone for the replies! That helps a lot!

Im considering selling a rental property and doing a 1031 into two separate properties. Both properties total costs will add up to the cost of the property I'm selling. The properties I'm looking at combined, require a downpayment of less than the profit I'll get from the sale of the house. My question is, is the extra money left after the down payments subject to capital gains tax? Or am I in the clear since I still meet the requirement of the costs of the properties equalling the cost of the house being sold? 

Thank you!