S
steve
I am from the UK.
I have owned a vacation home in Florida for 6 months, it is
a new home and I agreed to buy it 14 months ago.
I am thinking of selling and 'realising' a profit. However I
would then buy a cheaper vacation property. Any profit would
be used to buy the next home and hopefully do away with or
have a reduced mortgage.
Would the profit on the first home be liable to tax, I have
looked at 1031 exchange and I am not sure I can use it as I
am trading down.
Any advice on reducing my tax liability?
Thanks
I have owned a vacation home in Florida for 6 months, it is
a new home and I agreed to buy it 14 months ago.
I am thinking of selling and 'realising' a profit. However I
would then buy a cheaper vacation property. Any profit would
be used to buy the next home and hopefully do away with or
have a reduced mortgage.
Would the profit on the first home be liable to tax, I have
looked at 1031 exchange and I am not sure I can use it as I
am trading down.
Any advice on reducing my tax liability?
Thanks