4 ms·
My understanding was that you can avoid all capital gains taxes via "1031 like kind exchange": you sell your house, buy one elsewhere for about the same amount,
by patrickg_zill 9y ago
My understanding was that you can avoid all capital gains taxes via "1031 like kind exchange": you sell your house, buy one elsewhere for about the same amount, and pay no capital gains taxes?
- secabeen 9y agoThat only works for business property.
- mercutio2 9y ago1031 is only for business property. Specifically doesn’t apply to primary residence. But CA Prop 60 allows Californians over 55 to downsize their house and maintain the same tax basis they had before the exchange, which very well might apply here, although IIRC it has weird county by county restrictions.