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Blue Thunder · 03-24-2006, 02:19 PM

Islander10 and Maxum,

As others have stated, get some professional advice. You will find a wealth of information on the web, but still, get the sound advice of a professional. I just did a 1031 exchange with an Island property. I had realized huge gains on the one I built and needed that as a platform to jump up to the next level. If you can do it, a 1031 exchange is the way to go. As others have stated, you're only deferring the taxes until "later" but with proper structuring you might not have to be the one to worry about it. Maxum, you're right, you can only use the capital gains exemption on your primary residence. Good Luck.

Blue Thunder

03-24-2006, 02:19 PM	#8
Blue Thunder Senior Member Join Date: Apr 2004 Location: Eastern MA & Frye Island/Sebago Lake, Maine Posts: 952 Thanks: 253 Thanked 351 Times in 158 Posts	Get the professional advice!! Islander10 and Maxum, As others have stated, get some professional advice. You will find a wealth of information on the web, but still, get the sound advice of a professional. I just did a 1031 exchange with an Island property. I had realized huge gains on the one I built and needed that as a platform to jump up to the next level. If you can do it, a 1031 exchange is the way to go. As others have stated, you're only deferring the taxes until "later" but with proper structuring you might not have to be the one to worry about it. Maxum, you're right, you can only use the capital gains exemption on your primary residence. Good Luck. Blue Thunder