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Home Selling in Shawnee : Real Estate Advice

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  • Home Buying5
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Activity 3
Sun Jun 19, 2011
Adria Secord answered:
Possibly. More often then not we are seeing appraisals actually be higher then market value. It really just depends on the home and neighborhood.
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Mon Sep 3, 2012
Please speak to your tax pro.

I believe you are referring to a 1031 exchange-where you sell one property and use the proceeds of the sale to purchase a new property and don't pay capital gains.

As far as I know, a 1031 can only be done with investment properties. A primary residence can not be used for a 1031 unless you converted it to an investment property for at least one year and one day prior to selling it.

There may be a much better solution for you though.

I am not sure if you are aware, but a married couple may sell a house that they own as a primary residence and be tax exempt for up to $500k in gains (for a single person that number would be $250k) if they lived in that home for two of the last five years.

I realize that you mentioned that you bought the house only one year ago. I guess it may be difficult for you to wait out the year, but if you can the capital gains would be tax exempt.

This would be much simpler than a 1031 anyway, for many reasons including the fact that 1031's are very complicated and can get messed up very easily.

I hope this helps.

Good luck.

Good luck.
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Sun May 31, 2009
Sarah Klamm answered:
If you logged into Trulia and changed them, go back and make sure you updated the screen. It can take a while for the new updates to show up, but I like this tool so much, I don't mind! ... more
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