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It only applies to investment property. If you own your home the first 250-500k of capital gains is exempt depending on your filing status. 1031 exchanges are a
by jmvoodoo 5y ago
It only applies to investment property. If you own your home the first 250-500k of capital gains is exempt depending on your filing status. 1031 exchanges are a decent amount of work and have some additional requirements (it's not really for house flipping). They are also a tax deferral strategy. The tax eventually comes due.
- lotsofpulp 5y ago> They are also a tax deferral strategy. Carved out only for real estate investors. I don’t see why it shouldn’t either apply to everyone, or no one.