Do I have to invest the proceeds from the sale of my house into another house within 2 years? The amount will be about $50,000.

Asked by Micheleak, Omaha, NE Thu May 10, 2012

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Pat Hoppe’s answer
Pat Hoppe, , Omaha, NE
Thu May 10, 2012
No not on a personal residence-----
However-- on investment property you could owe Capital gains tax. You can push any tax liability to a future date by doing a 1031 like-kind exchange.
If you do a 1031 exchange a(like-kind exchange). That is when you sell one property, you must identify the property you are going to buy as a replacement within 45 days. Then you must close on the new property within 180 days after you close on the old. Be sure to chech with your accountant or tax advisor for current changes in tax law The deadlines are not changeable.

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Fred Collins, , Omaha, NE
Thu May 10, 2012
Larry is correct. If you are looking for investment properties, GTRSales deal with a large inventory of foreclosures. Feel free to call me 4029153811.
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My NC Homes…, Agent, Chapel Hill, NC
Thu May 10, 2012
If the home you sold was your primary residence then you don't ever have to invest the proceeds into another home if you don't want to buy another home. If you are referring to doing a 1031 like kind exchange, to defer taxes on an investment property, then you would have had to designate the property you sold for this prupose at the time of the sale and you would have 180 days to identify the new investment property that you were buying and could not use the proceeds from the sale for any other purpose.

If you have further questions you would be better off speaking with your accountant or a lawyer in your area.
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