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IRS 1031 question

Sent to Tax Experts May 13 05:26 PM

We owned a lot which was sold in Oct. 2000. In 1031 exchange we purchased
another lot in Dec. 2000. In 2002 we built a house on it which we have occupied
since Oct 2002. Since we have lived here over 2 years will we be able to exclude
up to $500K of our profit from the sale. thanks

Customer (name blocked for privacy)
Status:  Closed   Value: $5
Answer
May 13 5:56 PM (29 minutes and 27 seconds later)
         
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Jon Andrews -- Certified Public Accountant (CPA) -- 100% Positive Feedback on 2630 Tax Accepts
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