Questions on Real Estate Tax


K

kimshapiro100

I am curious....pls help me

1. How long does a property (home) need to be rented out to
qualify for a 1031 exchange ? 6 months, 1 year, 3 years ?
What are the rules ?

2. What is the capital gains tax on the sale of one's
principal home. I am told that the first $500,000 of capital
gain is tax free but what about the amount above $500,000 ?
What rate is it taxed at ? Is it a flat percentage ?

Is there an IRS tax table on this ?

Any imput, info etc would be highly appreciated.

Thanks
Kim
 
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