Have the rules governing 1031 “like kind” exchanges changed?
No. Despite reports that these rules might have been significantly changed, no provisions were included in the bill. • Can I withdraw money from my Individual Retirement Accounts (IRAs) for the purchase of a home? The tax bill allows penalty-free withdrawals by grandparents, parents, children, spouses or principals of up to $10,000 from existing and newly created “American Dream” IRAs for the down payment and closing costs of purchasing a first-time home, after December 31, 1997. ALL OF THESE MATTERS ARE SUBJECT TO REGULATORY INTERPRETATION. PLEASE CONSULT YOUR TAX ADVISOR. —————— How not to pay capital gains tax on the sale of rental, investment or a vacation property With the right knowledge, information, and patience, you can make the taxable gain from the sale of a rental property or a vacation home completely disappear. How? Simply convert the property to a primary residence, use it as such for the appropriate period of time, and then sell it for a tax-free gain. Simpl
