S
Stephen
My wife and I are from the UK and own rental property in
Florida, it is one of the short term rental homes near
Disney.
We have owned since December 2003.
We have just accepted an offer on the house and we intend
buying another property, this will be a home that is in an
area where short term rental is not allowed, but we will
seek to do longer term rentals (6 or 12 months). We will
have a reasonable profit from the sale of the first home.
Can we do a 1031 exchange on this idea?
If so, could we ever live in it ourselves in the future? Is
there a time frame on when it can cease to be a rental home?
BTW does anyone know in percentage terms what the capital
gains tax is on this?
Thank you in advance.
Regards
Florida, it is one of the short term rental homes near
Disney.
We have owned since December 2003.
We have just accepted an offer on the house and we intend
buying another property, this will be a home that is in an
area where short term rental is not allowed, but we will
seek to do longer term rentals (6 or 12 months). We will
have a reasonable profit from the sale of the first home.
Can we do a 1031 exchange on this idea?
If so, could we ever live in it ourselves in the future? Is
there a time frame on when it can cease to be a rental home?
BTW does anyone know in percentage terms what the capital
gains tax is on this?
Thank you in advance.
Regards
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