Home Selling in New York>Question Details

Ella, Both Buyer and Seller in New York, NY

i own a coop in manhattan and would like to sell my unit. How long do I have to put the profit towards the?

Asked by Ella, New York, NY Thu Mar 27, 2008

purchase of another apartment before I am taxed on it. (in case I don't find another apartment immediately)

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AFAIK, there no longer is a reqt to rollover your gains within X amt of time to shelter it from tax. If it was your primary residence for 2 of last 5 years, you can shelter up to $250k in gain ($500k if married), and pay cap gains on the amt above that. No reqt to purchase a new place. BTW, no tax benefit if selling at a loss :-(
1 vote Thank Flag Link Thu Mar 27, 2008
Ella, you have to have lived there 2 of the last 5 years.

http://www.irs.gov/newsroom/article/0,,id=106951,00.html
1 vote Thank Flag Link Thu Mar 27, 2008
If you have been living in your apartment and it is not an investment property, a 1031 will not apply to you.

Please check with your accountant...I believe the law states each person on the title is entitled to a $250k gain before taxes.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Thu Mar 27, 2008
thanks gail. i have been living in my unit and i am only person on the title.
0 votes Thank Flag Link Thu Mar 27, 2008
Please check out
http://www.1031exchangeadvantage.com
They are a company that Prudential Douglas Elliman uses for the type of transaction you are looking to do.
0 votes Thank Flag Link Thu Mar 27, 2008
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