1031 exchange

islander10 · 03-24-2006, 09:58 AM

Hi,
We have a place on the lake. We built it so if and when we sell, the capital gains tax would kill us.
I know that we could claim it as our primary residence but that is about 3 years away. Even then we would have to wait two years after selling our home.
We bought the land and then built knowing that it would appreciate. Isn't that an investment? It has done better than our 401k! I have a mainland property I am interested in but could not buy without using the funds from the sale of the the cottage.
Thanks for any info.

03-24-2006, 09:58 AM	#1
islander10 Junior Member Join Date: Apr 2005 Location: Sleepers/Florida Posts: 17 Thanks: 2 Thanked 0 Times in 0 Posts	1031 exchange Hi, We have a place on the lake. We built it so if and when we sell, the capital gains tax would kill us. I know that we could claim it as our primary residence but that is about 3 years away. Even then we would have to wait two years after selling our home. We bought the land and then built knowing that it would appreciate. Isn't that an investment? It has done better than our 401k! I have a mainland property I am interested in but could not buy without using the funds from the sale of the the cottage. Thanks for any info.