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1031 Exchange

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santafebuyer

Junior Member
What is the name of your state?What is the name of your state? New Mexico

What percentage of taxes do you have to pay Uncle Sam if you decide to take the money and RUN- (not do the exchange)!! I have asked this question several times and get various answers from 15% to 20%, to mostly I don't know.
 


nextwife

Senior Member
Depends upon what your personal tax situation and several variables regarding basis, depreciation, etc.

Talk to YOUR accountant. They can tell you what your rate would be.
 

HomeGuru

Senior Member
santafebuyer said:
What is the name of your state?What is the name of your state? New Mexico

What percentage of taxes do you have to pay Uncle Sam if you decide to take the money and RUN- (not do the exchange)!! I have asked this question several times and get various answers from 15% to 20%, to mostly I don't know.

**A: ok, here is your long awaited answer. You DO NOT have to pay any percentage of taxes if you take the money and RUN.
And the reason responders to you don't know is because we do not have enough info. We do not know the cost basis of the property, how said property was aquired ir purchase, exchange, gift etc. what type of property such as real property or mobile home, your personal tax bracket, what taxes you are referring to ie. capital gains, personal income, estate fiduciary...... We also don't know where you are running to ie. Mexico, Canada, Tahiti, Japan, Greenland, Antartica, Middle East, New York ..................Furthermore, this is the real estate forum. You need to post all tax questions in the proper Tax Law forum.
 

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